Dubai…..
Adding to the turmoil in the Middle East is the fact that there are numerous holidays to be considered. The region came back to work today after a few days off (stocks coming off 6-7%) only to go back on holiday on Wednesday not to return until December 7. As for dealing with the problem the Central Bank introduced a new liquidity facility available to all banks operating the the region. This liquidity will be provided at 50bp above the EIBOR rate. I am being told from sources that there was very little activity this morning. The little that did occur was to buy the forwards (add liquidity, which makes sense). In the region the Central Bank has been providing support to local banks from the start of the “credit crisis” so there is little chance of the market running away as long as they are present. Talk out of the Middle East is that Abu Dhabi will eventually come to Dubai’s aid. Dubai has some wanted assets, Adelphi building in London and the waterfront development in Cape Town, which can always be sold to raise capital. It seems as if Abu Dhabi will not come in with a “blanket” bailout but rather come in on a case by case situation. It will be interesting to see how this plays out.
Good Luck and Good Forex Trading.
Emerging Markets
I just came across this article on MarketWatch.com. As with all markets there are boom and busts. I feel that this Emerging market “boom” will bust, but the question is when. Many predicted the Tech bubble but were squeezed out long before the crash. Same with the housing bubble. Timing is crucial.
Anyway, take a quick look. Enjoy.
Good Luck and Good Forex Trading.
Dubai
So I took yesterday off and it seems the entire market was talking about Dubai. I know of at least one bank that moved part of their trading operation to Dubai a few years back. With the growing importance of the Middle East (and the oil it produces) in world affairs it made sense to have a major financial center begin to develop there. Now with talk of Dubai missing a debt payment it starts to remind me of Argentina and Russia. Let’s hope it doesn’t get to that. CLICK HERE to read a very good article from the New York times. The author raises a very good point, could Dubai be the Canary in the coal mine of the debt world. The markets seem to have been a bit shaken yesterday, but we need to see the follow through and see if another country goes next. During the Asian crisis countries tumbled one after another starting with Thailand, during out most recent crisis investment banks fell one after another (until the Fed stepped in) could highly indebted countries be next?
Any thoughts on the most highly indebted countries?
Good Luck and Good Forex Trading.
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Happy Thanksgiving
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