We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bearish
Oil - US Crude
Bullish
Bitcoin
Bullish
More View more
Real Time News
  • Have you been catching on your @DailyFX #podcast "Global Markets Decoded"? Catch up on them now, before new episodes release! https://t.co/Twr44cZ1GB https://t.co/iQhIrW1Jyz
  • Forex Update: As of 08:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.18% 🇨🇭CHF: 0.06% 🇪🇺EUR: -0.05% 🇨🇦CAD: -0.21% 🇳🇿NZD: -0.24% 🇦🇺AUD: -0.33% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/lCzHf4UiGB
  • Indices Update: As of 08:00, these are your best and worst performers based on the London trading schedule: Wall Street: -0.31% US 500: -0.35% Germany 30: -0.41% France 40: -0.63% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/d8bsIpLGXD
  • What do the technicals for $JPY look like as we head into the new year? Find out from @malkudsi, download your free quarter one forecast here today! https://t.co/00I3lH90OD https://t.co/HB6NrLCw4Z
  • #BOJ #Kuroda: Won't Hesitate to Add Easing if Momentum Towards Price Target is at Risk.
  • European Opening Calls from IG: #FTSE 7614 -0.49% #DAX 13496 -0.39% #CAC 6050 -0.48% #AEX 612 -0.43% #MIB 23848 -0.64% #IBEX 9611 -0.50% #STOXX 3783 -0.43%
  • #GBP, #NZD and #NOK are expected to be the most-active #G10 currencies against the #USD with one-week implied volatility at 7.05, 6.38 and 6.32 respectively [delayed] -BBG
  • Missed today's #AUDUSD weekly outlook webinar? See the recording here - https://t.co/qkLvokBCkS Topics included: - Impact of #coronavirus outbreak - #Davos economic forum - #Australia jobs data - AUD/USD technical analysis
  • EUR/USD Technical Analysis: Euro Breakdown in the Works? - https://www.dailyfx.com/forex/technical/home/analysis/eur-usd/2020/01/21/EURUSD-Technical-Analysis-Euro-Breakdown-in-the-Works.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Spivak&utm_campaign=twr #EURUSD #technicalanalysis https://t.co/jIgzz4QjPq
  • Have you joined @DailyFX @facebook group yet? Discuss your #forex strategies and brush up on your skills with us here: https://t.co/jtY1G7g8yx https://t.co/tV6zV644iP
Guest Commentary: Iran Moves from Currency to Barter Deals

Guest Commentary: Iran Moves from Currency to Barter Deals

2012-03-22 04:00:00
Yohay Elam, Forex Crunch,
Share:

Sanctions on Iran have escalated recently. Iranian financial institutions were cut off from SWIFT. The Belgium based firm is sometimes considered the "glue" of world's financial system, enabling international transactions.

Iran's neighbors either shy away from any trade with Iran, or move to alternative ways, bypassing the currency.

Currency is a Risk

The Iranian rial is ditched in the United Arab Emirates. The sanctions may be the indirect cause of this move, but the direct motivation is the real value of the rial.

In the unofficial black market, the IRR lost half of its value against the dollar and a bottom isn't in sight. This is what one of the UAE's top two exchange houses said:

"Most exchange companies have stopped dealing in Iranian rial mainly because of its devaluation in the last few months, as well as the regulations imposed by the U.S. regulatory authorities on the financial sector," he told Reuters.

It's just too risky for them.

Barter

Iran is a large country and a large producer of oil, but it relies on food imports. A few months ago, there was a report that India would pay Iran gold for oil, and bypass the dollar.

With the severe sanctions by SWIFT, there are new reports that Iran is negotiating a deal with its neighbor, Pakistan. Iran might import one million tons of wheat from Pakistan, and pay with fertilizers or iron ore.

The actual price that Iran will pay may be dear, as it is squeezed by the sanctions and by potential internal unrest, according to the report:

Tehran has ordered a large part of its expected yearly requirement in the past month — around two million tons of wheat from various sources — paying premium prices to go around sanctions and prevent unrest.

Apart from the sanctions, also rhetoric is rising, especially in Israel.

Here are 5 signs that a war in Iran is getting closer.

Is this rhetoric meant to add to international pressure, or is a war imminent?

By Yohay Elam, Forex Crunch

Would you like to see more third-party contributors on DailyFX? For questions and comments, please send them to research@dailyfx.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.