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  • Gold, The Dollar, The Euro And The Big Moussaka




    The euro zoomed up against the U.S. dollar at warp speed today on news that the rest of Europe and Greece would come to some sort of understanding concerning the Greek debt situation. The dollar is on track to experience its single biggest one-day loss since March.

    Creditor nations of Greece are close to putting the finishing touches on a draft agreement to present to the Greek government, a source close to the talks revealed today. This hopefully will spur new momentum into longest-running negotiations known to mankind over a little, profligate country’s spending problems. Such an agreement will release aid for the cash-strapped country. Athens is close to running out of money and has threatened to default on an International Monetary Fund payment this week without a comprehensive agreement.

    This is not to say it’s a done deal.

    This news was all that the dollar needed for a pullback. It was already softening on weaker economic news out of the U.S. That , in turn, spurred thoughts by analysts that the Federal Reserve would not be raising interest rates until at least later this year, a definite dollar dinger. (Higher rates generally mean a stronger currency.


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