The Iranian government has dropped the USD and instead will now use the Euro for its international transactions. According to the statement released by the Iranian government on Wednesday;

All ministries, governmental organizations and firms are obliged to choose euro as the main currency used in reporting and publishing statistics, information and financial data.


The decision was made on Wednesday after a meeting with the cabinet, in a response to what the Iranian officials described as economic plot hatched by the US and its allies to decrease the value of the Iranian currency, rial.

The Iranian currency had lost its values after the Trump announcement of US sanctions against Iran unless the so-called flaws of the 2015 nuclear deal are fixed. Iranian officials blame the US and its adversaries for the currency devaluation.

The new bill of adopting the Euro must be approved by the Iranian parliament and the Guardian Council before going into effect.



Last week, we saw a decrease due to the poor fundamentals of dollars. Dollar index fell nearly 3% discount with dollars that  affected almost all currencies.

While we wait for official information from the Fed, the dollar was overbought in a very short time. And when the preliminary indicators show weakness, investors have the opportunity and very good reasons threads profits and closing orders.


However, we can consider a revival of dollars in the coming weeks. USD may recover for 3 reasons:

  • Long-term uptrend USD continues. Interest rates have reached support levels.
  • US Economy data index next week is not influential to USD
  •  USD Index support at 50 SMA

Trends EUR / USD next week will be like?

The trend of the EUR / USD in the past week have caused speculations. . EUR / USD, USD fell due to the underlying index. On the other hand, EUR / USD fell as fears about Greece leaving the Euro Zone. Pressure still weighing on the euro.

Personal views of Peter Nguyen:

The downward trend is still the mainstream for EUR / USD in 24/4 weeks before the date of the meeting between Greece and the creditors. But the risk of not reaching an agreement of Greek debt is slightly higher that the country is likely to leave Europe.

Except for the Greek creditors patience till the end as the last time.

Just a slight signs of a stronger dollar downtrend will make the ability of EUR / USD to be very strong.

Written by Peter Nguyen