The Gulf News Online news service reported on Tuesday that investors in the region have started taking positions in dollars once again, possibly marking a paradigm shift away from the euro as the currency of choice.
'It is true that the last few months witnessed a rush among investors to sell off their holdings in US stocks and bonds and the dollar and replace them with the euro and euro stocks,' the news service admitted. 'However, the ever increasing pressure on the US against a possible war against Iraq has paved the way for a paradigm shift in the general outlook of investors.'
The report went on to reveal that the depreciation suffered by the dollar during the past few months has been a concern for investors in the UAE due to its effect on the dirham, which is pegged against the dollar at a constant 3.67.
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