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A Rare Occurrence In The Saudi Currency Market Tells You That Trouble Is Brewing In The Middle East
Ms Sans Serif
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[quote:Anonymous Coward 10327591:MV8yMDA3NzIwXzMzNzM0NjA5XzdCOEU0QkJF] [quote:Anonymous Coward 24009796:MV8yMDA3NzIwXzMzNzMzNjcyXzNFQ0EzQzQ4] The Muslim Brotherhood plans to take Jordan next then Saudi Arabia will become their target. [/quote] I don't think they can take Jordan (or I hope not) because Jordan is one of the more civilized countries in the Middle East. As for Saudi Arabia, they'd have to have an unbelievable amount of spies embedded there to accomplish much of anything -- people thought Iraq was controlled -- Iraq under Hussein was nothing compared to the control the Saudi royalties cronies have over the Saudi people. I don't think Saudi Arabia could ever be taken over by the Muslim brotherhood. [/quote]
An important shift is developing in Saudi Arabian currency derivatives markets as Iran becomes engulfed in populist protests amid hyperinflationary pressures and armed conflict breaks out between Turkey and Syria, heightening concerns about tensions in the Middle East.
The 12-month forward rate on the Saudi Arabian riyal – or the difference between how many riyals traders think a dollar will be able to buy a year from now versus how many riyals a dollar can buy today – has been hovering just above zero for the past two weeks.
In other words, as pointed out by BNP's Bartosz Pawlowski, traders are expecting the riyal to depreciate against the dollar.
And that is something that almost never happens – unless markets are getting really worried about Saudi Arabia, one of the most stable countries in the region.
link to www.businessinsider.com
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