Weak USD$
 

Hi,

Qatar have decided to unpeg its currency from USD$.We all will continue to suffer because of weak USD$ and high inflation.

Why dont they make a single currency for GCC just like Euro?

Thanks,

Re: Weak USD$
 

Or... What the EU is begging the GCC to do? Link the oil directly to the Euro.

Would make life a lot easier

Re: Weak USD$
 

Bankers in Holland expect the US Dollar to drop an other € 0.09 to € 0.11 in value before 31-12-2008. The UK Pound is starting to collapse against the Euro as well. Logical choice for OPEC would be to abandoned the US$ and quote and trade the barrel crude oil in Euro's. Even better, stop the policy of most GCC countries. I mean the fixed exchange rate against the US$. Would help Qatar mega...

Re: Weak USD$
 

And most Asian countries.

Re: Weak USD$
 

Where did you hear Qatar was doing this? Anyway they have been talking about this all over the GCC for years now.

Re: Weak USD$
 

Ignore this thread everyone - our friend Smurtaza is playing a practical joke.

If Qatar has unpegged its fixed rate against the USD without my noticing it, I will perform oral sex on Inselaffen on his stag night.

As for a single currency - that's always been the declared intention. The trouble is, the Euro has been a disaster, with some countries in recession while others are expanding, and with nothing their central banks can do about it.

A single one-size-fits-all interest rate policy can never work for such a high number of very diverse economies. Period.

Might be easier in the GCC, as oil is such a common denominator of the six economies, but with inflation at multi-year highs it would be foolish to even contemplate it now. The target date is 2010 - forget that, it might be possible by 2015 or thereabouts, but unlikely.

Re: Weak USD$
 

Hi & thanks for the tip...

But if it can all be blamed on the Euro as being a disaster? Doubt it. With the UK Pound loosing ground against the Euro on a steady basis, it's at € 1.17 as we speak, and the US Government that refuses to react it's only logical people hide behind either the Euro or gold.

Dutchie

Re: Weak USD$
 

Dutchie,

Where do you get these notions?

The pound "is starting to collapse against the euro"?? The euro has been worth between GBP 0.78 and GBP 0.81 (ie 78p and 81p) for nearly four months now. It's currently.... er.... 0.7875 (ie nearly 79p). Collapsing? Er, no actually.

And why would pricing oil in EUR help? Or in any particular currency for that matter? EUR is volatile. USD is volatile. GBP is volatile.

But that's how it's meant to be - fixed exchange rates don't work - never have, never will.

And as for forecasts for end-December - allow me to quote the last Reuters poll of exchange rate analysts and economists:

15:45 02Jul08 -REUTERS POLL-EURO SEEN AT $1.57 IN 1-MTH, $1.55 3-MTHS, $1.50 SIX, $1.45 IN 12 ($1.56, $1.55, $1.51, $1.45 JUNE POLL)
15:45 02Jul08 -REUTERS POLL-18 OF 65 ANALYSTS SEE EURO AT OR ABOVE $1.60 MARK IN NEXT 6 MONTHS (13 OF 65 IN JUNE POLL)
* Euro seen moving from $1.57 to $1.50 in next 6 months
* 18 of 65 analysts see euro at $1.60 mark or above in next
6 months
* Euro forecasts range from $1.40 to $1.62 in 3 months,
$1.34-$1.63 in 12

Re: Weak USD$
 

Hi Dean,

As so many companies in Holland I stopped invoicing in UK Pounds as per 01-03-2008, it's become to risky and the dropping UK Pound just eats away at the profit. Yesterday it dropped from € 1.1964 to € 1.1703 as per my financial sources. But as there are 1001 financial experts walking around, and 1001 different opinions, I used to use a fixed profit on the exchange rate of € 0.06, if you don't do this it's commercial suicide.

As for the expected drop of the Dollar against the Euro I simply quoted the head of the Dutch National Bank this week. There's a reason for credit insurance companies lowering the insured percentage of none Euro invoices. And it's an illusion to think the Euro itself will go down in value soon on the currency markets. My humble opinion, that's all...

Re: Weak USD$
 

Yesterday it dropped from € 1.1964 to € 1.1703

Dutchie,

CHANGE YOUR BANK - NOW! The sterling/euro has NEVER been 1.1703 SINCE IT WAS LAUNCHED IN 1999!!

I am currently doing some work for a bank out here (Saudi) who have no particular foothold in European commercial markets, but even we could have given you a much better rate than that.

There's a bigger story here - I'll PM you.

Re: Weak USD$
 

Re: Weak USD$
 

Dutchie,

That's Travelex!! They are a licenced firm of bandits who exist for the sole purpose of ripping off tourists.

See my PM.

Re: Weak USD$
 

100 Scottish pounds gave me 116.76 Euros. I looked on the Kaaskop site, maybe the English site is different...........*

Agree with the Travelex evaluation, used them once, never again.


*Yup- on the UK site 100 pounds gets you 123.43 Euros.

Re: Weak USD$
 

Saw your messages, got mine?

Re: Weak USD$
 

You just earned yourself the right to pay my first mega big beer in Amsterdam this afternoon. To f**king hot in this house that doesn't have airco. 32 degrees C, 86% humidity... I might even teach you the art of watching the female body in motion ;)