Dollar could suffer temporarily if Saudi Arabia joins the BRICS grouping – ING

Economists at ING look out for BRICS expansion news today. 

Expansion tops the agenda

Expansion tops the agenda and names in the frame we think could be the United Arab Emirates, Egypt, and Bangladesh – all of which joined the BRICS New Development Bank in 2021. 

It would be a massive surprise were Saudi Arabia to join the grouping, which would inevitably lead to speculation over Oil being priced in non-Dollar currencies and a headline that may temporarily hit the US Dollar.