Despite the expectations that the European Central Bank will raise its interest rate, eventually the Interest rate of ECB remained unchanged at 1.25%.
The financial markets reacted very promptly to the news and EURO/USD fell very rapidly.
Furthermore, major commodities, including crude oil and gold prices fell very sharply. There is probably more than one reason for such a rapid drop in major commodities and the ECB decision is probably only one factor among many others.
The current crude oil prices are traded with rapid falls:
The current Nymex crude oil price, short term futures (June 2011 delivery) is traded at 99.08 USD / barrel, a 10.16 USD/b decrease or 9.30%, as of 20.53*.
The Dated Brent spot crude oil inclines by 11.10$/b and it is at 109.53 USD / barrel as of 21.02*.
For more on this subject:
- Gold drops from 1500$ mark – Gold & Silver Prices Outlook, 5 May
- Oil prices continued to fall what’s next? – oil outlook 5 May
- Weekly outlook for May 2-6