Saudi Fears Make The Euro Bounce: The MidEast Crisis Hits Markets At Last

Issue 683 - 04 Apr 2002

A rumour did the rounds of foreign currency traders returning  from  their  Easter  break  that  a  senior member  of  the  Saudi  ruling  family  and  security establishment  was  about  to  be  named  by  the  US authorities  as  a  supporter  of  Islamist  radical  groups linked  to  Al-Qaeda.  Such  were  the  concerns  that  this claim  would  prompt  the  Saudi  leadership  to  pull substantial funds out of the USA as a sanction against Washington   that   the   Euro   bounced,   further strengthening against the dollar.

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