ECB officials announced today that ECB, with the help of the Federal Reserve will offer US dollar based loans to Euro Area banks for three months that will ensure these banks will have enough liquidity to end 2011.
This news is probably among the reasons for the recent rally in the Euro to US dollar and consequently trade down gold and silver prices as this news eased the concerns of a default of any sovereigns’ debt.
Euros to US dollar exchange rate is currently traded up at 1.3842 a 0.6351% increase as of 15:27*.
Current gold price, short term futures (October 2011 delivery) is traded at $1,787.5 per t oz. a $39 decrease as of 15:25*.
Current Nymex crude oil price, short term futures (October 2011 delivery) is traded up by 1.02% to $89.82 per barrel as of 15:25*.
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