| Headline slightly misleading, in my uninformed opinion the Arabs are floating a trial balloon to see how the markets react. They prolly don't want to lose *too* much money. |
Separately, Syria responded to US sanctions against two of its banks by confirming plans to use euros instead of dollars for its external transactions. Syria has switched the state's foreign currency transactions to euros from dollars, the head of the state-owned Commercial Bank of Syria, Duraid Durgham, said.
The remarks combined to knock the dollar, which fell against the euro, pound and yen yesterday as analysts warned other central banks might follow suit. The euro rose a quarter of one percentage point against the dollar to a one-week high of $1.1945, although it retreated in later trading.
| I'm not an econ expert; I'd appreciate some informed commentary in the comments. |