Quickhits
(Retuers) In Algeria, "a bus carrying foreign oil workers was bombed in the first attack on Western expatriates in many years."
(FT) "Oil producing countries have reduced their exposure to the dollar to the lowest level in two years and shifted oil income into euros, yen and sterling."
(AFP) At the Gulf summit (all Sunni,) the Saudi King said, "Our Arab region is besieged by a number of dangers, as if it was a powder keg waiting for a spark to explode."
(Reuters) The Italian case against CIA and Italian personnel over the rendition of Hassan Nasr is still moving forward. The most notable thing is that the Italians have cooperating witnesses.
(FT) "Oil producing countries have reduced their exposure to the dollar to the lowest level in two years and shifted oil income into euros, yen and sterling."
(AFP) At the Gulf summit (all Sunni,) the Saudi King said, "Our Arab region is besieged by a number of dangers, as if it was a powder keg waiting for a spark to explode."
(Reuters) The Italian case against CIA and Italian personnel over the rendition of Hassan Nasr is still moving forward. The most notable thing is that the Italians have cooperating witnesses.
posted by mikevotes at
8:27 AM
3 Comments:
"Oil producing countries have reduced their exposure to the dollar to the lowest level in two years and shifted oil income into euros, yen and sterling."
Currency markets paying very little attention to this. Apparently not a big deal.
By
Praguetwin, at 10:17 AM
A little outside my expertise, but dollar denominating oil trading has had a huge effect on making the dollar the world's currency. I guess it's a matter of whether this is just short term positioning or a longer term adjustment. I don't know.
By
mikevotes, at 11:35 AM
It is hard to say, but it is indicative of a longer term adjustment away from dollars. There is a lot of nervousness surrounding the dollar right now so exposure is being reigned in a bit.
If they ever get a Euro denominated oil burse started, look out.
By
Praguetwin, at 8:29 AM
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