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*. (* GMT) For
more on this subject: Weekly Outlook for September 12-16 EUR/USD Breaks Above
Channel On Dollar Liquidity Announcement U.S. Stocks Rise as ECB Offers Loans to
Banks to Tame Crisis
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