The Euro bounced back and slightly rose yesterday as the concerns around a Greek default have subsided for now; furthermore, many other currencies also appreciated against the U.S dollar including Aussie dollar and CHF. Silver and gold prices also rallied; crude oil price sharply rose as well.

Here is a summary of the development of major currencies for March 7^th:

Forex Market:

The Euros to US Dollar slightly increased by 0.29% at 1.3149; during the month, the EUROS/USD fell by 1.32%. Australian Dollar to US Dollar also increased by 0.27% to 1.0583.

The U.S dollar to Canadian dollar decreased to 0.9975. During March the USD/CAD exchange rate rose by 0.94%.

The GBP to USD edged up by 0.17% to 1.5742; from the beginning of the month the GBP to USD decreased by 1.07%.

Finally, the U.S Dollar/ Yen rose by 0.25% to 81.09. 

Commodities Market:

Silver price bounced back on Wednesday by 2.45% to $33.59. During March, silver price decreased by 1.6%.

WTI oil price also sharply increased by 1.39% and reached $106.16 per barrel; during the month the WTI slipped by 0.85%.

A Summary of the Changes in Exchange Rates:

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

For further reading:

• Weekly Outlook for March 5-9
• Gold and Silver Prices Weekly Outlook for March 5-9
• Gold and Silver Prices Outlook for March 2012