Central banks to defend asian currencies

In sum, the Saudis, as well as advocates of the dollar peg in other GCC countries, stress the fact that costs associated with a revaluation are likely to be considerable. As the financial crisis of —08 hit Switzerland , the Swiss franc appreciated "owing to a flight to safety and to the repayment of Swiss franc liabilities funding carry trades in high yielding currencies.

The best exchange rate regime for the GCC countries, in theory, is a managed float, in our opinion.

In , the bulk will mature in the second and third quarter, a period when we expect the US Federal Reserve to begin raising rates.

They were paying 46 bps more than interbank rates to swap euros into dollars on Friday, half the level of earlier this week but still three times the average premium last month. Therefore, currency intervention doesn't immediately increase or decrease a currency's value.

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