JOHANNESBURG - Last week the Euro surged on the back of a massive wave of short covering on the first trading day of July and a day before US employment data was released. This action in the euro was predominantly sparked by the news that the ECB is going to grant 78 banks EUR 111.2 billion of funds for six days to assist them with the expiry of its 12-month loans in which banks needed to repay 442 billion euros worth of debt by July 01. As the euro rallied, the gold price dropped...
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