As the euro-zone crisis has lurched from bad to worse, the euro has felt the full force of investors' panic.
The currency yesterday slid close to a three-month low versus the US dollar as it once again crashed through the $1.30 floor.
It was heading for its eighth straight session of losses against the greenback. Instead, investors have sought refuge in currencies deemed safe. The Japanese yen rose against all its 16 major peers.
The euro's downward spiral has reflected growing jitters about Greece as political gridlock throws up uncertainties about its future in the euro zone. Uncertainty is also clouding the outlook in France, where Francois Hollande, the president-elect, is set for a collision course with Germany about how to tackle the debt crisis.
"Until it becomes clearer that an accident in Greece can again be avoided, risk appetite is unlikely to recover," Christoph Rieger, the head of interest-rate strategy at Commerzbank in Frankfurt, wrote in a note yesterday.
Analysts say how events unfold in Greece will be critical to the performance of the euro in the coming weeks. Eyes will be trained closely on which political forces gain power, whether they adhere to the country's bailout terms and whether Greece runs out of cash. Even if the country does exit the single-currency bloc, as some observers are speculating, it is still unlikely to be a positive for the euro, say analysts at Emirates NBD.
"The euro would likely head lower, in line with our long-standing view looking for it to decline to $1.20 in [the] coming months, with our one-year view still looking for it to fall to $1.15 amidst mounting economic, social and political uncertainty caused by the debt crisis," Tim Fox, the chief economist of Emirates NBD, wrote in a note yesterday.
The euro dropped 0.2 per cent to $1.2980 during trading yesterday.
tarnold@thenational.ae
twitter: Follow and share our breaking business news. Follow us
iPad users can follow our twitterfeed via Flipboard - just search for Ind_Insights on the app.
Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
GOODBYE%20JULIA
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EMohamed%20Kordofani%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3ESiran%20Riak%2C%20Eiman%20Yousif%2C%20Nazar%20Goma%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%205%2F5%3C%2Fp%3E%0A
Stree
Producer: Maddock Films, Jio Movies
Director: Amar Kaushik
Cast: Rajkummar Rao, Shraddha Kapoor, Pankaj Tripathi, Aparshakti Khurana, Abhishek Banerjee
Rating: 3.5
COMPANY PROFILE
Company name: SimpliFi
Started: August 2021
Founder: Ali Sattar
Based: UAE
Industry: Finance, technology
Investors: 4DX, Rally Cap, Raed, Global Founders, Sukna and individuals
Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Hoopla%3Cbr%3E%3Cstrong%3EDate%20started%3A%20%3C%2Fstrong%3EMarch%202023%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Jacqueline%20Perrottet%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2010%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EPre-seed%3Cbr%3E%3Cstrong%3EInvestment%20required%3A%3C%2Fstrong%3E%20%24500%2C000%3C%2Fp%3E%0A
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
MATCH INFO
Fixture: Thailand v UAE, Tuesday, 4pm (UAE)
TV: Abu Dhabi Sports
Dengue%20fever%20symptoms
%3Cul%3E%0A%3Cli%3EHigh%20fever%3C%2Fli%3E%0A%3Cli%3EIntense%20pain%20behind%20your%20eyes%3C%2Fli%3E%0A%3Cli%3ESevere%20headache%3C%2Fli%3E%0A%3Cli%3EMuscle%20and%20joint%20pains%3C%2Fli%3E%0A%3Cli%3ENausea%3C%2Fli%3E%0A%3Cli%3EVomiting%3C%2Fli%3E%0A%3Cli%3ESwollen%20glands%3C%2Fli%3E%0A%3Cli%3ERash%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3EIf%20symptoms%20occur%2C%20they%20usually%20last%20for%20two-seven%20days%3C%2Fp%3E%0A
The more serious side of specialty coffee
While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.
The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.
Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”
One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.
Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms.
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4