Despite the remarkable recovery in crude oil prices today, traders were not buying the bounce-back in one crucial market. Bets on the future devaluation of the Saudi Riyal surged by the most in 3 weeks today.
The 45 pips drop in 12-month forward USDSAR rates is the 2nd biggest jump in 2 months…
Having rallied back from the January lows – on the back of the worldwide liquidity illusion that floated all boats, the Doha disappointment sparked renewed interest in bets that The Kingdom would be forced to abandon its three-decade peg to the dollar.
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