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That Russia may start to favor holding Euros instead of dollar is in the market today and putting downward pressure on the greenback, which is at fresh lows against the Swissee (I still haven't found how to spell that nickname for the Swiss Franc) and the Kiwi among others.
I haven't read this anywhere yet, but it seems to me that Russia sells a lot of oil now, and is likely to sell more in the future. Oil is denominated in US dollars. I don't think it would make sense for Russia to abandon the dollar. If no one else is talking about this maybe I am wrong.
I will say that back in 1999 when the Euro debuted a lot of people though it would supplant the dollar as the world reserve currency. If my thoughts about Russia and the Euro are wrong then perhaps today's news is step number one to the Euro gaining a new standing in the currency world. Stay tuned.
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2 comments:
Swissi - it's a German abbreviation.
dd
For anyone else running into this post... 3 and a half years later, as I have ... 3/21/08... this person deserves some serious "props" for this short but extremely applicable piece for today. Standing O for anonymous (the original one).
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