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Is This The Next Dollar Peg To Fall?

On Monday, we showed you the dramatic visual evidence in support of Kazakh PM Karim Massimov’s contention that "at the end of the day, most of the oil-producing countries will go into the free floating regime [including Saudi Arabia and the United Arab Emirates because] for the next three to five, maybe seven years, the price for commodities will [not] come back to the level that it used to be at in 2014." 

Expectations for an FX regime change in Saudi Arabia in the face of a ballooning budget gap and the first current account deficit in a decade are readily apparent in riyal 12-month forwards and just to drive the point home, have a look at the following, which shows that anticipation for a dirham deval is running at a veritable fever pitch: 

For more on the genesis of the "new era", see "Why It Really All Comes Down To The Death Of The Petrodollar."