Gold Oil and Dollar Summary :
The Dollar loses ground against the Euro (1.2857) after European Central Bank President Trichet passed up an opportunity on Monday to comment about the Euro's recent volatility and strength. This "non-action" has led the market to believe that a "selling intervention" will not occur anytime soon as the Euro re-tests its all-time highs near 1.2900. Also of note is Belgain Finance Minister Reynders saying he would only be concerned if the Euro's advance was too rapid and "well above" its current level (Bloomberg). On the hand, the Yen (105.54) is little changed versus the Dollar as traders worry the Bank of Japan may intervene at anytime by selling Yen for Dollars to weaken their rising currency...Gold (414.70) trades $4 higher this morning on the news of a weaker Dollar versus the Euro. A weak Dollar makes gold cheaper for holders of other currencies. Gold experienced a dramatic reversal last Friday after reaching a high of 418. It sold off as low as 407.10 before regaining some strength into the close (410.80)...Oil (34.40) is little changed Tuesday morning, as traders remain indecisive about last week's OPEC announcement that it may or may not cut production depending on demand as the spring approaches. The next meeting to officially decide their action is on March 31.
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