As traders bought up the Euro against the US Dollar, rallying to one month highs, risk appetite appeared to come off the table, with money pouring in to the relative safe haven that is gold. Upbeat data from China showing strong demand for commodities and raw materials has underpinned the recent rally, so now it is a question of will we move higher to challenge the $1,125 level?
Gold & Silver
- EU lead EU leaders announced a 45bn Euro plan to help ease the fiscal crisis in Greece. If approved, it would appear that Greece would receive 30bn Euros in bilateral loans at circa 5% financing. The additional funds would be made available over the next two years.
- Currency traders should note that the so-called BRIC countries - Brazil, Russia, India and China - are scheduled to hold a summit in Brazil this week to discuss mutual trade and investment
Major Economic News