09-20-2007, 03:15 AM
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Confirmed User
Join Date: Apr 2004
Posts: 1,187
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Quote:
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Saudi Arabia has refused to cut interest rates in lockstep with the US Federal Reserve for the first time, signalling that the oil-rich Gulf kingdom is preparing to break the dollar currency peg in a move that risks setting off a stampede out of the dollar across the Middle East.
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Quote:
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"They were willing to provide the money when rates were paying nicely, but why bear the risk in these dramatically changed circumstances? We think that a fall in dollar to $1.50 against the euro is not out of the question at all by the first quarter of 2008," he said.
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http://www.telegraph.co.uk/money/mai...cnsaudi119.xml
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