GCC markets might not have read the memo about the US Fed's dovish hike. The 1 year and 2 year swaps moved higher yesterday towards 1.86 and 2.14% respectively.
Liquidity is poor towards year end, but the direction seems clear. A solid USD typically indicates low oil prices and indeed this is exactly manifested yesterday.
"Clearly markets remain anxious about the impact of low oil prices and the strong USD upon the USD-SAR peg... Investors can expect swap rates to continue grinding higher and forward markets to edge higher also", says Commerzbank. Add to Anti-Banner


Russian Stocks End Mixed as MOEX Index Closes Flat Amid Commodity Strength
South Africa Eyes ECB Repo Lines as Inflation Eases and Rate Cuts Loom
Global Markets Slide as AI, Crypto, and Precious Metals Face Heightened Volatility
Trump Signs Executive Order Threatening 25% Tariffs on Countries Trading With Iran
Trump Lifts 25% Tariff on Indian Goods in Strategic U.S.–India Trade and Energy Deal
Trump’s Inflation Claims Clash With Voters’ Cost-of-Living Reality
Vietnam’s Trade Surplus With US Jumps as Exports Surge and China Imports Hit Record
Bank of Japan Signals Readiness for Near-Term Rate Hike as Inflation Nears Target
U.S. Stock Futures Slide as Tech Rout Deepens on Amazon Capex Shock




