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A Trilateral Defence Pact Signed in Mecca, and Two Pegs That Priced Nothing
Riyadh, Ankara and Islamabad ink a joint defence framework. USD/SAR closes 3.7500. USD/AED closes 3.6725. The FX market has an opinion, and its opinion is silence.
Tempo:
Karim Al-Rashidi
· 3 min read
Friday's session closed with the two Gulf pegs exactly where they opened, exactly where they opened yesterday, and exactly where they will open on Sunday: USD/SAR at 3.7500, USD/AED at 3.6725. The rolling range on either pair this week is measured in fractions of a pip, which is another way of saying there is no range at all. This matters because the news flow around it was not quiet.
Riyadh, Ankara and Islamabad signed a joint defence pact this week — reported in some coverage under the label…