Following last week’s vote in the Greek parliament in which it approved the package of budget cuts proposed by Prime Minister George Papandreou, the European Union ministers of finance convened over the weekend and approved the aid to Greece. The aid is estimated at 8.7 billion euros ($12.6 billion); this is likely to ease some of the uncertainty in the European market.
There are still concerns whether the Greek government could and will actually implement the drastic budget cuts as there were riots opposing these budget cuts.
The financial market didn’t show much reaction to the news as the Euro moderately depreciated against the US dollar.
Current gold price, short term futures (August 2011 delivery) is traded at $1,496.0 per t oz. a $9.3 increase or 0.63%, as of 11:16*.
Current Nymex crude oil price, short term futures (August 2011 delivery) is traded up by 0.19%, at $95.12 per barrel as of 11:18*.
Euros to USD is currently traded down at 1.4521 a 0.0341% decrease as of 11:27*.
The USD to Canadian dollar exchange rate is traded up at 0.9604 a 0.192% increase as of 11:27*.
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