IRR/EUR: Reversal In 2010

The Iranian rial has been weakening against the euro since March, holding a fairly tight trend channel. As long as the current bout of dollar weakness persists, we would expect the unit to remain within this depreciatory band. However, at some stage in 2010, our global team expects the dollar to bounce back, at which time the rial is likely to concomitantly strengthen against the euro.

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