Dirhams & Dollars

Dubai: On today’s episode, we look ahead at the week to come. A critical five days in the Brexit process, British Prime Minister Theresa May is currently battling dissent from European leaders, and from the opposition party at home. Labour party leader Jeremy Corbyn has promised that he will respect his party’s decision if they decide to back a second referendum on the UK’s membership of the European Union, representing yet another blow to May’s plans. With all of this confusion, the pound sterling is dropping to new lows, driven down by talk of a “no-deal Brexit” from the Prime Minister, which would see the UK crash out of the EU next March with no arrangements in place, potentially causing chaos. On the other side of the pond, the US Fed is due to meet this week, where they are expected to raise interest rates. Locally, it’s another quiet week in Dubai, although with some major events lurking round the corner, it is unlikely to stay quiet for long…