Wednesday, October 7, 2009
Oil's dollar pricing 'under review'
This article discusses how talks have started to begin held between the Gulf states and countries like Russia, China, Japan to replace dollar with a different currency. This article is interesting because it talks about the reaction of the world to the weakening of American dollar. Iran is already setting his prices of crude oil to euros.
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The US Dollar has been challenged by the euro for the past five years. There are more discussions that by 2020 the euro will overthrow the dollar and will become the next international reserve currency. Now, it is not only the euro but also some other currencies such as Chinese yuan and commodities such as Gold that pressure the dollar. I think that it may take up to 10 to 15 years to accomplish this idea, but it is definitely going to have a sizeable effect on the dollar.
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