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Euro, oil, gold surge to fresh highs ahead of US rate decision
Published in Saudi Press Agency on 29 - 10 - 2007


With the buildup underway to an expected US rate
cut Wednesday, the euro and oil prices launched the new trading week
Monday by surging to all-time highs, according to dpa.
Europe's common currency rocketed up to 1.4438 euros to reach its
highest point since its launch in 1999 on market forecasts that the
US Federal Reserve will deliver another rate cut next week in a bid
to spur growth and to ease the credit crunch in the world's biggest
economy.
"The is chasing one high after another" said Rainer Sartoris,
economist with the investment house Bankhaus HSBC Trinkhaus &
Burkhardt.
At the same time, oil prices charged past 93 dollars a barrel to
hit a new record as the Iraq-Turkish border emerged as a potential
new global flashpoint and tensions grew between Washington and
Tehran, said the DPA.
Similarly, friction between the US and Iran as well Turkey's
military buildup on the Iraq, the weak dollar along with US economic
worries helped to power gold to 792.90 dollars an once, as a result
breaching a 28-year high.
However, the spiralling oil prices, global tensions and concerns
about the impact of the strong euro on European exporters had little
impact on Europe's stock markets.
The benchmark Eurostoxx 50 climbed 0.6 per cent in early trading
Monday with national bourses across the 13-member eurozone posting
similar gains. Europe's premier stock market in London rose 0.55 per
cent.
By mid-morning, the euro was trading above 1.44 dollars with
analysts expect the euro to breach the key 1.45-dollar mark before
the end of the year.
Wednesday's expected Federal Reserve 25-basis-points cut in US
borrowing costs comes after the American monetary authorities
delivered a surprise 50-basis points reduction last month bringing
official rates down to 4.75 per cent.
Meanwhile, interest rate policy in the eurozone is finely balanced
with interest rates on hold as the European Central Bank weighs up
the implications of the credit squeeze.


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