Canadian dollar

The Canadian dollar, which gained sharply versus the greenback on the beginning of the week, plunged since yesterday as Dubai World, a government owned investment company is trying to delay its debts payments, bringing risk aversion to high levels in foreign-exchange markets.
Optimism in markets declined since Dubai tried to reschedule its debts payments, affecting risk appetite and specially commodities and stocks throughout the world, which are highly influential for the Canadian dollar’s performance, paring all its previous days’ advances and is heading for a weekly loss versus its U.S. counterpart. The crude oil barrel fell to as low as $72.50 dollars after trading near $80 earlier this week, causing an important impact on the loonie, since the energy commodity is one of Canada’s main exports having the U.S. as its destination, allowing the greenback correct previous losses versus its Canadian counterpart and also other currencies from commodity exporter nations around the world.
Not only international pessimism affected the loonie today since a report showed a rise in the current account deficit, making basically everything to force the Canadian currency down, according to specialists. The events regarding Dubai’s debt will play a major role in risk aversion levels, eventually setting the loonie further down in the short term.
USD/CAD traded at 1.0734 as of 14:09 GMT from a previous rate of 1.0576 in the intraday, showing high volatility for the CAD this week. CAD/JPY declined to 80.73 from 81.61.

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Europe managed

EURUSD has managed to climb pretty high on Monday, considering the fact that most banks in the Christian world where on holidays. However, the “range effect” of the holiday has soon taken over the market, and as we see this morning the pair has already corrected around 100 pips down from its top at 1.3393.
The reason for safe haven strength in the first place was the Dow Jones Industrial Average closing on the green before the holiday, supporting risk appetite trades.
The British Pound, although trading lower this morning, has managed to maintain a stronger position throughout the holiday, with EURGBP dropping to a 30 day low breaching under its support 0.8952.
GBPUSD printed 1.4925 getting closer to its target 1.5 resistance. The pair has definitely kept its upward momentum since first of April.In an anti-dollar environment, the pound is bound to continue and cross the 1.5 target. However, if things will turn back to risk aversion play, cable might drop like a stone with its accelerated volatile nature, a flip in market sentiment might easily drive us under 1.45 before we know it. Therefore, be on the alert if you are trading GBPUSD at this particular juncture.

Business center

Dubai, one of the biggest and busiest business centers in the Middle East might be sliding into a negative spiral. Dubai world the big real-estate venture which is most famously known for developing the artificial Islands project in Dubai has entered into solvency problems due to excess leverage and was forced into restructuring. This fact was long known and has been already digested by investors. However the announcement by the Dubai authorities which are reasonable for the restructuring, stressing that they expect the company’s creditors to accept a halt in the debt payments spurred worries over the economic health of the region and specifically the real-estate sector. Why did it affect market so severely? Investors got used that whenever large ventures in Dubai falter the authorities step in to maintain stability but the fact the authorities want lenders to participate in the cost of restructuring signaled things might be changing for investors in the region. The largest banks in Europe and the US have a high exposure to the real-estate market in the region and less government support could mean loan losses for the big players. Another important fact is that Dubai sovereign and private funds are very active in the global investment scene especially in the banking and Auto sector, troubles in home could cause them to repatriate funds.

Dubai announced

After Dubai announced that it intends to delay debt payments, emergent markets and commodities fell worldwide, declining attractiveness for the South African currency in foreign-exchange markets this Thursday.
Emergent markets were the most affected today after Dubai World, the nation’s investment company affirmed that debt payments will be delayed, setting confidence levels down among traders that preferred to opt by safer bets than those available in emergent markets, forcing the rand down.
USD/ZAR closed at 7.3720 from an opening rate of 7.3676.
If you want to comment on the South African rand’s recent action or have any questions regarding this currency, please, feel free to reply below.