EU Morning Report - Merkel's worries

The euro (EUR) recorded minute gains against most of its major counterparts even as comments by German Chancellor Merkel placed the single currency under selling pressure. The German leader was reported to have said that there is not a plan is place, upon which the eurozone can endure and overcome this ongoing socio-economic crisis. Versus the US dollar (USD), the single currency rose to 1.2295 from 1.2264.

The US dollar (USD) produced losses versus a basket of currencies as Fed Chairman Bernanke’s second day of testimony before the House Financial Services – as expected - did not presented any indication towards quantitative easing (QE). Versus the Canadian dollar (CAD), the greenback dropped to 1.0099 from 1.0121.

The British pound (GBP) dropped to 1.5645 from 1.5662 US dollars, as the Bank of England (BoE) Monetary Policy Committee (MPC) meeting minutes - released yesterday - revealed that the 9-member committee had voted 7-2 in favor of expanding the central bank’s quantitative easing programmed by GBP 50 billion by November.

Oil prices rose to 89.53 from 89.05 dollars a barrel. Gold (XAU) dropped to 1573.80 from 1583.60 US dollars an ounce. Against the euro, gold dropped to 1280.98 from 1287.90 euro an ounce. Silver (XAG) moved down to 27.1457 from 27.2795 dollars an ounce. Stay in tune throughout the day with foreign exchange bullets!

Equities	EUROPE		US		ASIA3
	FTSE 100	1.01%			S&P 500	0.67%			NIKKEI	0.88%
	DAX	1.62%			DJIA	0.81%			HIS	1.61%
	CAC	1.84%			NASDAQ	1.12%			CSI 300	1.15%