Market Commentary LTRO, EUR, GOLD & SILVER

We see the LTRO repayments likely to boost money-market rates, leading to more EUR/US$ strength in the near term. The EURO extended a gain versus the US$ to trade as high as EUR/US$1.3464, extending an 11-month high set earlier in the session.  We maintain our Q1 price target of EUR/US$ 1.3850.012513 CGI Morning Market Commentary LTRO, EUR, SPX, EU BANKS, GOLD&SILVER