The US Dollar has weakened on growing concerns that middle east Gulf Oil trading countries might opt for a basket of currencies instead of US Dollar. This is based on a supposedly secret meeting of the oil trading countries with the officials outside the region to discuss dropping the dollar for oil trade. A change from dollar to other currencies has both economic and political aspect; it is less likely that this would happen quickly as there is lack of consensus on econo-political issues such as the Gulf Monetary Union. Continue reading Is US Dollar Losing Steam as Global Currency for Oil Trade? →