Gulf States to talk about dropping dollar peg
by Elaine Frei
The US dollar traded at $1.4661 to the euro and at $2.0468 to the pound on Monday, affected by the news that the Gulf Cooperation Council - Bahrain, Kuwait, Oman, Saudi Arabia, the United Arab Emirates and Qatar - will discuss dropping the dollar peg to their exchange rates when they meet early next month in Qatar.
Meanwhile, currencies that fund risky investments such as carry trades saw gains on Monday while higher-yielding currencies declined as investors once again fled risk on continuing concerns about the subprime mortgage and credit market crises.
At just before 2 p.m. in New York the yen traded at ¥160.9831 versus the euro, at ¥224.7439 against sterling, at ¥109.8000 to the US dollar and at ¥97.0193 in relation to the Australian dollar.
The Swiss franc was at SFr1.1155 against the US dollar, traded at SFr1.6354 versus the euro and at SFr2.2832 in relation to the pound.
Story link: Gulf States to talk about dropping dollar peg
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