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U.K. Bank Loans Outstanding to U.A.E. Most in Europe

British banks are Europe’s biggest lenders to the United Arab Emirates, constituting $49.5 billion of the continent’s $87.3 billion loans outstanding to the Gulf state, Royal Bank of Scotland Group Plc said.



French banks have the second-largest amount of loans, $11.3 billion, followed by $10.2 billion for Germany’s banks and 4.7 billion for Dutch lenders, RBS said in a note today, saying it used Bank for International Settlements data.



The figures are for loans as of June… Continue

Added by Aadil (site owner) on November 30, 2009 at 12:21am — No Comments

UAE central bank sets up liquidity fund for banks in emirates

The central bank of the United Arab Emirates said it would provide a special fund to back local and international banks operating in the UAE, media reports said.



The UAE central bank said it stands behind those lenders, the reports say.



The central bank, based in the emirate of Abu Dhabi, said it had told the banks that it had set up a special liquidity facility at a rate of 0.5 percentage point above the Emirates interbank offered rate, media reports… Continue

Added by Aadil (site owner) on November 30, 2009 at 12:00am — No Comments

Crude Oil - divergence with the Dollar

WTI crude oil price plummeted to as low as 72.39 after Dubai's attempt to delay its debt repayments. Investors turned cautious as the news raised concerns on global economic recovery and hence improvement in energy demands. However, the black gold, as well as other risky assets, rebounded strongly and closed almost flat from… Continue

Added by Aadil (site owner) on November 29, 2009 at 9:07pm — No Comments

Sovereign Risk May Break Inverse Correlation Between Gold and USD





Sri Lanka purchased 10 metric tons of the IMF's planned gold sales. According to the central bank's announcement released last Thursday, it has been acquiring Gold from the international market over the past several months 'as a part of the diversification of the external… Continue

Added by Aadil (site owner) on November 29, 2009 at 9:00pm — No Comments

Intraday Reversals Question Magnitude of Dubai Woes

News that a property development arm of Dubai World requested to delay its payments triggered sharp volatility across the financial markets. The story actually broke on the eve of November 25th and on the 26th , currency traders began to flock into the safety of U.S. dollars. The demand for dollars was so strong that the euro hit an intraday low of 1.4829 when the European markets opened. The price action in USD/JPY tells us that risk aversion was the primary driver of the forex markets as… Continue

Added by Aadil (site owner) on November 27, 2009 at 10:35pm — 3 Comments

Dubai woes roil financial markets

Stocks fall and government bonds rise on flight to quality



LONDON (MarketWatch) -- Fears of a potential sovereign default by Dubai roiled financial markets Thursday, sinking stocks in Asia and Europe and pushing up government-bond prices as investors sought safe havens.



Dubai late Wednesday said it would restructure Dubai World and announced a six-month "standstill" on repayments of the state-run wide-ranging conglomerate's debt.



Analysts said Dubai's woes were… Continue

Added by Aadil (site owner) on November 26, 2009 at 12:57pm — No Comments

Intraday Market Thought from Ashraf Laidi 2009.11.26 07:30

MARKETS JITTERY AFTER DUBAI refuses to pay bond holders, requesting a debt stand still for 6 months. Shanghai fell 3.6%, FTSE-100 fell 99 pts before trading at the London Stock Exchange was frozen due to technical difficulties and the YEN REMAINS THE STRONGEST CURRENCY as we repetitively warned over the last 5 weeks. The Dubai story was minimized as the announcement took place AFTER local bourses shut for a 4-day holiday. Next week, US and Gulf markets return from their break, coinciding with… Continue

Added by Aadil (site owner) on November 26, 2009 at 12:35pm — No Comments

Barclays - obeying the trend line

Added by Aadil (site owner) on November 26, 2009 at 8:20am — No Comments

FTSE 100 - 10 min chart - 5330 key level of support!!

Added by Aadil (site owner) on November 26, 2009 at 7:55am — No Comments

Nasdaq - watch this trendline chaps ...........10 min TF

Added by Aadil (site owner) on November 25, 2009 at 5:55pm — No Comments

Intraday Market Thought from Ashraf Laidi 2009.11.25 11:56:

USD SELLING NO LONGER TAKING PLACE with the usual advances in oil prices. The inverse correlation between USD index and US crude oil weakened from -0.75 in October to -0.56 in November (1st-25th), while the correlation between EURUSD and crude fell from 0.9 in October to 0.49 in Nov. This could well be a case of oil bulls unable to keep up with USD weakness, especially as the lack of broad follow-up in global equities may not warrant real demand for oil prices to regain its $82.00 highs of the… Continue

Added by Aadil (site owner) on November 25, 2009 at 5:43pm — No Comments

Positive U.S. Data to Fuel Risk Appetite

The first round of U.S. economic data this morning helped to support the rally in risk currencies. The EUR/USD has finally taken out the key 1.50 level which should not be surprising for our readers since we said throughout the week that a break is imminent. We continue to believe that the U.S. dollar could fall another 5 to 7 percent (more like 4 to 6 percent at this point) over the next few months.



The big surprise this morning was the sharp decline in jobless claims. For the week… Continue

Added by Aadil (site owner) on November 25, 2009 at 4:26pm — No Comments

U.S. DOLLAR: WHAT THE FED EXPECTS

The price action in the currency market over the past 24 hours suggests that foreign exchange traders may have already gone into holiday mode. Intraday trading ranges are beginning to shrink and the performance of the dollar was mixed against the key currencies. For example, the dollar traded higher against the British pound and commodity currencies (AUD, NZD, CAD) but fell against the euro, Japanese Yen and Swiss Franc. Although U.S. equities ended the NY trading session in negative territory,… Continue

Added by Aadil (site owner) on November 24, 2009 at 11:30pm — No Comments

Fed pleased with U.S. growth, leery of policy risks

WASHINGTON (Reuters) - Federal Reserve officials are increasingly confident the U.S. economic recovery is sustainable, but they do not see employment picking up soon, according to minutes from their November meeting released on Tuesday.



Policymakers also expressed concern about possible adverse repercussions from their vow to keep interest rates low for an extended period, including unwanted speculation in financial markets.



"Members noted the possibility that some… Continue

Added by Aadil (site owner) on November 24, 2009 at 8:24pm — No Comments

Intraday Market Thought from Ashraf Laidi 2009.11.24 10:39

US Q3 GDP was revised down to 2.8% from the initial 3.5% reading while the personal consumption component was revised to 2.9% from 3.2%. Risk currencies are faring better than prior to the figures, but with equity indices yet again failing to near those 50% retracement levels (we shall not stop emphasizing this point as long as the indices remain near them), we continue to have a clear case of lower highs in JPY crosses and the inability for EURUSD to regain $1.5050. The release of the FOMC… Continue

Added by Aadil (site owner) on November 24, 2009 at 6:07pm — No Comments

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