Dollar Weakens on Speculation Gulf States May Stop Using Greenback

Growing speculation over the potential end to Dollar-based trading in the oil market has pushed the USD down against 14 of its 16 major counterparts yesterday. A report on Tuesday in the Independent newspaper revived the idea of ending a huge volume of trade of the world's most liquid commodity - Oil in the U.S. Dollar, a potentially major sign of the greenback's fading status. The Dollar weakened after the U.K.-based Independent reported oil-producing Gulf nations are seeking to move to a basket of currencies to settle transactions. Analysts said ending the use of the Dollar as the currency used to settle oil trades between countries would be an easy task, but a move to replace the currency in which oil is priced would require a massive effort.

• Forex Market Trends

	EUR/USD	GBP/USD	USD/JPY	USD/CHF	AUD/USD	EUR/GBP
Daily Trend
Weekly Trend
Resistance	1.4815	1.6125	90.00	1.0360	0.8940	0.9302
	1.4765	1.6075	89.75	1.0340	0.8920	0.9260
	1.4735	1.6025	89.50	1.0310	0.8890	0.9230
Support	1.4650	1.5900	88.60	1.0250	0.8800	0.9160
	1.4600	1.5845	88.25	1.0220	0.8755	0.9120
	1.4565	1.5800	88.00	1.0190	0.8720	0.9080