Iran reported that it will be selling $5 billion euros and buying dollar and gold for central bank reserves. This is the same country that wanted to price oil in euros and has little respect for the US. I guess money talk is always more important.
It was noted that Russia has also be a seller of euros for its international reserve portfolio. China affirmed that it is still positive on the Euro, but it is easy to see that diversifying now given their trading pattern makes sense.
I am still amazed at how quickly sentiment has changed and moved away from the euro. Nothing is a given especially if there are structural problems with currency. The policy coordination and governance problems have yet to be addressed in the EU.
It was noted that Russia has also be a seller of euros for its international reserve portfolio. China affirmed that it is still positive on the Euro, but it is easy to see that diversifying now given their trading pattern makes sense.
I am still amazed at how quickly sentiment has changed and moved away from the euro. Nothing is a given especially if there are structural problems with currency. The policy coordination and governance problems have yet to be addressed in the EU.
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