Mario Camara, the head of the Danish investment firm Saxo Bank in Dubai, says the US dollar is a asset during market uncertainty. Vidhyaa for The National
Mario Camara, the head of the Danish investment firm Saxo Bank in Dubai, says the US dollar is a asset during market uncertainty. Vidhyaa for The National

US dollar rise may end soon, says top banker



The dollar’s awe-inspiring ascent since Donald Trump’s surprise win in the US elections may soon come to an end because the greenback is starting to look overvalued compared to its battered peers, forecasts Mario Camara, the head of the Danish investment firm Saxo Bank in Dubai.

"I think the US dollar is overvalued and there could be a correction but the question is when," Mr Camara told The National at the weekend.

The Bloomberg Dollar Index, a measure of the US dollar against a basket of 10 global currencies, has gained to 4.9 per cent since November 8, when Mr Trump became the US president-elect, and the measure is hovering around its record high since the index began tracking data in 2005.

The reasons behind the rise are many but chief among them are expectations of fiscal stimulus by the incoming Trump administration in the form of tax cuts, loosening of regulations and infrastructure spending.

Many investors have also been buying the dollar as a safety measure amid the uncertainty about which direction Mr Trump will ultimately take. They are also loading up on the currency, expecting that the US Federal Reserve will raise rates in December.

“People are getting out of any asset that they don’t think will conserve its value,” Mr Camara said. “Markets hate uncertainty and the safe asset is the dollar.”

Of the main currencies that trade against the dollar, Mr Camara said he favours the Japanese yen. The euro, the most traded currency against the dollar, could still experience a lot of volatility before the leadership election in France where, if the right-wing populist Marine Le Pen wins next year, a further drop in the euro-zone’s currency may take place. Next month, Italians vote in a referendum to decide whether the prime minister, Matteo Renzi, can undertake much-needed economic reform, a poll that is considered to be a vote of confidence in the current government. The euro has fallen by 4.1 per cent against the dollar since Mr Trump’s victory.

“The euro is under a lot of pressure because we have an Italian referendum and a French presidential election coming,” Mr Camara said.

“If LePen is strong and wins, the euro is going to suffer a beating. Same thing in Italy if the referendum goes against the government, the euro is going to suffer a beating. So we see a lot of pressure right now on the euro from their own internal politics.”

And while there has been a sell-off that has shaved more than 25 per cent off the British pound’s value in the wake of Brexit, it looks overdone, according to the banker.

Still, it is too early for long-term investors to jump in as there is not enough clarity yet as to what the United Kingdom’s relationship will be with the EU if it leaves, he said.

On the other hand, Mr Camara sees an immediate opportunity for investors to load up on the shares of listed companies in the UK as valuations look cheap after the drop in the value of the pound. “What I would advise now is buying British equities,” he said.

mkassem@thenational.ae

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SPECS

Engine: Two-litre four-cylinder turbo
Power: 235hp
Torque: 350Nm
Transmission: Nine-speed automatic
Price: From Dh167,500 ($45,000)
On sale: Now

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Ten10 Cricket League

Venue and schedule Sharjah Cricket Stadium, December 14 to 17

Teams

Maratha Arabians Leading player: Virender Sehwag; Top picks: Mohammed Amir, Imad Wasim; UAE players: Shaiman Anwar, Zahoor Khan

Bengal Lions Leading player: Sarfraz Ahmed; Top picks: Sunil Narine, Mustafizur Rahman; UAE players: Mohammed Naveed, Rameez Shahzad

Kerala Kings Leading player: Eoin Morgan; Top picks: Kieron Pollard, Sohail Tanvir; UAE players: Rohan Mustafa, Imran Haider

Pakhtoons Leading player: Shahid Afridi; Top picks: Fakhar Zaman, Tamim Iqbal; UAE players: Amjad Javed, Saqlain Haider

Punjabi Legends Leading player: Shoaib Malik; Top picks: Hasan Ali, Chris Jordan; UAE players: Ghulam Shabber, Shareef Asadullah

Team Sri Lanka Cricket Will be made up of Colombo players who won island’s domestic limited-overs competition

TRAP

Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue

Director: M Night Shyamalan

Rating: 3/5

RESULTS

ATP China Open
G Dimitrov (BUL x3) bt R Bautista Agut (ESP x5)
7-6, 4-6, 6-2
R Nadal (ESP x1) bt J Isner (USA x6)
6-4, 7-6

WTA China Open
S Halep (ROU x2) bt D Kasatkina (RUS)
6-2, 6-1
J Ostapenko (LAT x9) bt S Cirstea (ROU)
6-4, 6-4

ATP Japan Open
D Schwartzman (ARG x8) bt S Johnson (USA)
6-0, 7-5
D Goffin (BEL x4) bt R Gasquet (FRA)
7-5, 6-2
M Cilic (CRO x1) bt R Harrison (USA)
6-2, 6-0

The specs: 2018 Peugeot 5008

Price, base / as tested: Dh99,900 / Dh134,900

Engine: 1.6-litre turbocharged four-cylinder

Transmission: Six-speed automatic

Power: 165hp @ 6,000rpm

Torque: 240Nm @ 1,400rpm

Fuel economy, combined: 5.8L / 100km

Singham Again

Director: Rohit Shetty

Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone

Rating: 3/5

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MATCH INFO

Austria 2
Hinteregger (53'), Schopf (69')

Germany 1
Ozil (11')

How to donate

Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200

The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
Cricket World Cup League 2

UAE squad

Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind

Fixtures

Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE

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Where can I submit a sample?

Volunteers can now submit DNA samples at a number of centres across Abu Dhabi. The programme is open to all ages.

Collection centres in Abu Dhabi include:

  • Abu Dhabi National Exhibition Centre (ADNEC)
  • Biogenix Labs in Masdar City
  • Al Towayya in Al Ain
  • NMC Royal Hospital in Khalifa City
  • Bareen International Hospital
  • NMC Specialty Hospital, Al Ain
  • NMC Royal Medical Centre - Abu Dhabi
  • NMC Royal Women’s Hospital.
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FORSPOKEN
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Starfield
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COMPANY PROFILE

Company: Bidzi

● Started: 2024

● Founders: Akshay Dosaj and Asif Rashid

● Based: Dubai, UAE

● Industry: M&A

● Funding size: Bootstrapped

● No of employees: Nine

Thank You for Banking with Us

Director: Laila Abbas

Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum

Rating: 4/5

The biog

First Job: Abu Dhabi Department of Petroleum in 1974  
Current role: Chairperson of Al Maskari Holding since 2008
Career high: Regularly cited on Forbes list of 100 most powerful Arab Businesswomen
Achievement: Helped establish Al Maskari Medical Centre in 1969 in Abu Dhabi’s Western Region
Future plan: Will now concentrate on her charitable work

if you go

The flights

Emirates offer flights to Buenos Aires from Dubai, via Rio De Janeiro from around Dh6,300. emirates.com

Seeing the games

Tangol sell experiences across South America and generally have good access to tickets for most of the big teams in Buenos Aires: Boca Juniors, River Plate, and Independiente. Prices from Dh550 and include pick up and drop off from your hotel in the city. tangol.com

 

Staying there

Tangol will pick up tourists from any hotel in Buenos Aires, but after the intensity of the game, the Faena makes for tranquil, upmarket accommodation. Doubles from Dh1,110. faena.com

 

UAE squad to face Ireland

Ahmed Raza (captain), Chirag Suri (vice-captain), Rohan Mustafa, Mohammed Usman, Mohammed Boota, Zahoor Khan, Junaid Siddique, Waheed Ahmad, Zawar Farid, CP Rizwaan, Aryan Lakra, Karthik Meiyappan, Alishan Sharafu, Basil Hameed, Kashif Daud, Adithya Shetty, Vriitya Aravind

FA%20Cup%20semi-final%20draw
%3Cp%3ECoventry%20City%20v%20Manchester%20United%C2%A0%3C%2Fp%3E%0A%3Cp%3EManchester%20City%20v%20Chelsea%3C%2Fp%3E%0A%3Cp%3E-%20Games%20to%20be%20played%20at%20Wembley%20Stadium%20on%20weekend%20of%20April%2020%2F21.%C2%A0%3C%2Fp%3E%0A
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Cinco in numbers

Dh3.7 million

The estimated cost of Victoria Swarovski’s gem-encrusted Michael Cinco wedding gown

46

The number, in kilograms, that Swarovski’s wedding gown weighed.

1,000

The hours it took to create Cinco’s vermillion petal gown, as seen in his atelier [note, is the one he’s playing with in the corner of a room]

50

How many looks Cinco has created in a new collection to celebrate Ballet Philippines’ 50th birthday

3,000

The hours needed to create the butterfly gown worn by Aishwarya Rai to the 2018 Cannes Film Festival.

1.1 million

The number of followers that Michael Cinco’s Instagram account has garnered.

'Worse than a prison sentence'

Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.

“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.

“They were living in perpetual mystery as to how their futures would pan out, and what that would be.

“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.

“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.

“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”

WandaVision

Starring: Elizabeth Olsen, Paul Bettany

Directed by: Matt Shakman

Rating: Four stars

COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Tree of Hell

Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla

Director: Raed Zeno

Rating: 4/5

Jigra
Director: Vasan Bala
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
Rated: 3.5/5
UAE currency: the story behind the money in your pockets
APPLE IPAD MINI (A17 PRO)

Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits

Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine

Storage: 128/256/512GB

Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4

Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps

Biometrics: Touch ID, Face ID

Colours: Blue, purple, space grey, starlight

In the box: iPad mini, USB-C cable, 20W USB-C power adapter

Price: From Dh2,099

COMPANY%20PROFILE%20
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