Oriental mark to the dollar market

The release of such news signaled to foreign exchange traders that real economic openings were imminent; This caused the dollar and coins to fall in price on Monday; On the third day of the week, the American banknote experienced a drop of 150 tomans until around 4 pm and was at 24,550 tomans. Coin dealers took the Korean and Japanese mark more seriously, as evidenced by the domestic precious metal price trend. Yesterday, the coin recorded a price drop of 230 thousand Tomans and reached the price of 10 million and 970 thousand Tomans. The decline came as the price of an ounce of gold rose in global markets by 8 a.m. and crossed the $ 1,180 mark. Perhaps if it were not for the increase in the price of world gold, the domestic precious metal would have recorded a further decline.

Why do Korean signals matter?

Many Iranian foreign exchange resources have been blocked in other countries due to US banking sanctions. For example, about $ 7 billion in Iranian oil revenues are said to be in Korean banks due to US sanctions and could not be used by Iran. Some foreign exchange market analysts believe that the reason for the increase in the price of the dollar in 1999 was mostly due to the weak supply of foreign exchange. The group believes that the more Iran has access to its blocked resources, the stronger the supply side of the currency and, consequently, the lower the price of the dollar.

To determine the size of the blocked resources, it should be noted that the size of Iran’s imports in January 1999 was about $ 4 billion, which is still much less than Iran’s blocked resources in South Korea. In fact, by freeing up its foreign exchange resources, Iran can easily meet real demand and even set aside some to meet speculative demand.

Apart from that, access to foreign exchange earnings means that openings have been made in banking communications and at least the strictures of Americans are being reduced.

Such views were among traders on Monday, causing the price of the dollar and coins to fall. However, some activists believed that the market was still involved in traders profiting from previous purchases. This group believes that the dollar will be supported in the range of 23,800 Tomans if it goes down the channel of 24,000 Tomans. They believe that until the sanctions are completely lifted, it will not be possible for the dollar to fall significantly. What is certain is that the market has become more sensitive to political news in recent days. Some activists say that if the news material is different from Monday, the dollar will return to the uptrend and regain the lost levels. However, yesterday the atmosphere of the coin and dollar markets was declining and few people dared to buy. If the dollar remains below the 25,000 toman mark, sales will increase even more. For coin dealers, the number of 10 million and 800 thousand Tomans will be important and according to its defeat or resistance, they will adjust their future trading position.

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