Euro Sharply Fell Yesterday –Daily Recap December 8

The Euro/USD changed direction and sharply fell yesterday following the ECB’s decision to cut the interest rate by 0.25 percent points from 1.25% to 1%.  Today the EU Summit in Brussels started and may affect the forex markets as the day will progress.  Most other currencies also depreciated yesterday against the US dollar such as the Australian dollar and GBP. Here is a summary of the development of major exchange rates for December 8th:

Forex Market:

The Euros to USD exchange rate sharply declined again by 0.52% to reach 1.3341; during December, the EUROS/USD fell by 0.78%. The US dollar to Canadian exchange rate sharply rose by 1.32% on Thursday to 1.0232. During the month the USD/CAD exchange rate inclined by 0.58%. The Australian Dollar to US Dollar also declined by 1.24% yesterday and reached 1.0167. The GBP to USD exchange rate also declined by 0.51% to reach 1.5630; during the month, the GBP to USD fell by 0.47%.

Finally, the US Dollar depreciated yesterday against the Yen by 0.05% and reached 77.6375.

Commodities Market:

Gold price sharply declined on Thursday by 1.8% to $1,713.40. During December, gold price slightly declined by 2.10%.

WTI spot oil price also decreased by 2.14% and reached $98.34 per barrel; during December the WTI spot oil price shed 2.01% off its value.

A Summary of Yesterday’s Exchange Rate Forex Changes:

The table below includes: closing prices, daily percent change, and change in prices and indexes:

Exchange Rate Forex euro to us dollar conversion 2011 EURO USD December 8

For further reading:

Monthly Analysis and Outlook:

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