FX market weighs up oil risks
MARKET NEWS
LONDON -- With the likelihood of military action in the Middle East increasing, oil prices are set to rise further, and the impact will not leave the FX markets unscathed, analysts told FX Week.
Speaking last week in London, Bundesbank president and European Central Bank governing council member Ernst Welteke underscored European concerns, as crude oil prices hit a 19-month high of $31 a barrel.
"If there is a war in Iraq, this will create turmoil in the whole area. My fear is that it will have
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