UAE central banker says diversifying away from the dollar

Spring 2009 is shapiong up very much like spring 2008. Oil is charging higher and the dollar sinking. Central bankers of heavily dollar-exposed economies are fretting over the falling value of their reserves and are starting to do something about it. Look for another bubble to form like last year…

The latest central banker on the wire is from the United Arab Emirates. He says they are diversifying forex reserves away from the dollar, giving EUR/USD a lift to fresh session highs at 1.4135.