Monday, December 18, 2006

Dollar ditched by Iran, Good or bad ?

Dollar dropped in Iran asset move

Iran is to shift its foreign currency reserves from dollars to euros and use the euro for oil deals in response to US-led pressure on its economy.

Posted by bryan @ 08:59 PM (555 views)
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2 thoughts on “Dollar ditched by Iran, Good or bad ?

  • lol, now they’re for it. this is what iraq wanted to do just before they got attacked. it’s one of the main reasons the french were against the war.

    however long term I think it’s gonna be a matter of fact. the EU and the east want to trade, why the hell should they have to deal in the dollar when the EURO is more important in this respect?

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  • Not good for the dollar but according to the article, the market has priced this in anyway as Iran has being selling off dollars since 2003. The dollar has fallen a bit against Sterling and Euro but nowhere near the lows of two weeks ago.

    For a longer term outlook on where the dollar is going see “US dollar hegemony has got to go”

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