I know this may come as a bit of an odd question especially to forex traders, but I was wondering if you are concerned at all about what is happening in Egypt. It has not impact at all on major currency crosses and the few exotics which may feel a ripple effect are most likely not traded by anyone in this forum, but still I have met with a few forex traders over the weekend and we discussed Egypt for a bit which made me bring the question online to you guys.
I don’t want to go into details here, just wanted to know if even have Egypt on your radar screen right now (you can merely answer yes or no as I am asking this more out of curiosity than anything else).
[QUOTE=“TheLastBear;520469”]I know this may come as a bit of an odd question especially to forex traders, but I was wondering if you are concerned at all about what is happening in Egypt. It has not impact at all on major currency crosses and the few exotics which may feel a ripple effect are most likely not traded by anyone in this forum, but still I have met with a few forex traders over the weekend and we discussed Egypt for a bit which made me bring the question online to you guys.
I don’t want to go into details here, just wanted to know if even have Egypt on your radar screen right now (you can merely answer yes or no as I am asking this more out of curiosity than anything else).[/QUOTE]
Yes… Oil prices can be greatly effected as Egypt controls the Suez Canal. A large quantity of oil ships through this canal on a daily basis, and prices tend to go up when speculators get concerned about that area. Oil exports can have a big impact on the forex market.
Here is a news article from Dow Jones that was released after my above post… Basically adds to what I mentioned… Oil will be affected… And overall market sentiment will take a hit which may become apparent in the bond and equity market… One could presume a flow to safe haven USD could result if things spun further out of control… CAD would also benefit from a jump in oil price.
$12 up since the Anti-Morsi protest began and at this rate oil may soon hit 120 if the ripple effect keeps on spreading to the larger north.
Yeah 120 level is possible
