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Currencies

EUR/USD breaks out

Initially, Euro began the weak consolidating, but ended up breaking through some major resistances and trying to make new highs. The trigger for the spike, came after the release of the December ECB meeting minutes, which showed that policymakers expressed confidence in the manner in which the Eurozone economy was moving and could consider a gradual shift in policy relatively soon. Moreover, news that the German Chancellor, Angela Merkel, may have paved the way to a stable coalition government, along with the US economy missing non-economic numbers over the last few days pushed the pair through the 1.21 levels and it ended the week just above the 1.22 region.

Emirates NBD Asset Management has consolidated its position as one of the leading regional asset managers, announcing strong full-year growth in Assets Under Management (“AUM”), as well as top quartile returns across the bulk of its fund range. The business’ reputation as the asset manager of choice for institutional clients was further cemented by 2017 inflows of over USD 1 billion in segregated mandates from top tier clients across the region. Among the funds, greatest asset growth was achieved by the Emirates Global Sukuk Fund, which grew by 62%, while the Emirates MENA Fixed Income Fund grew by 31%, reaching USD 194 million.

Currencies

Govt. shutdown to slide dollar lower

EUR/USD notched up to its fifth-straight weekly win, and ended the week at 1.2225, despite attempts by the European Central Bank (ECB) officials’ to supress investor expectations that the central bank would announce plans to slow down its massive stimulus programme at next week’s meeting. Moreover, we could again see the dollar being offered in the coming week, given the US Government shutdown further supporting rally in the pair. Investors would keenly eye the ECB rate announcement and press conference in the week ahead, to gain more clues about the ECB stimulus programme. The uptrend for the EUR/USD is very much intact, and it has clearly broken the resistance at 1.2089 on the weekly chart.

Private healthcare in the Gulf Cooperation Countries (GCC) region, estimated at US$ 62 billion in 2016, is forecasted to expand 8.7% annually, to reach US$ 94 billion in 2021, according to MENA Research Partners (MRP), a leading research company in the region. KSA and UAE together represent more than two third of the market, where the latter is witnessing the fastest growth in the region.

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