The major currencies including Euro to US dollar conversion rate and Australian dollar /US dollar due to speculation over these economies’ progress.
The Euro to US dollar conversion rate is declining probably due to the speculation around the economic recovery of the Euro zone and the European debt crisis that recently affected Portugal. The upcoming elections in Spain and the recent protests there also raise the level of uncertainty and stability in the Euro zone.
The Australian dollar also fell sharply against the US dollar, probably due to speculation around the future growth in manufacturing in China, one of Australia’s largest trading partners.
Currently, crude oil prices are also falling very sharply; since they are highly correlated with Euro to US dollar conversion rate and AUD/USD, its no surprise to see falls in oil prices as well as in these major exchange rates.
Currently, Euro to US dollar conversion rate is traded up at 1.4024 a 0.9646% falls as of 15.22*.
The AUD/USD is traded up at 1.0514 a 1.37% falls as of 15.22*
The Nymex crude oil price, short term futures (June 2011 delivery) is traded at 97.53 USD / barrel, a 2.57 USD/b decrease or 2.57%, as of 15.14*.
Current gold price, short term futures (June 2011 delivery) is traded at 1,512.0 USD / t oz. a 4$ increase or 0.27%, as of 15.20*.
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