Extraindo dados de XML

meu código é o seguinte:

<? print_r($xml); ?>
<?php $link = "financeiro/moedas.xml"; $xml = simplexml_load_file($link) -> channel;
foreach($xml -> rate as $item){
$USD = "".utf8_decode($item[@ id = "BRLUSD"] -> Rate)."";
$EUR = "".utf8_decode($item[@ id = "BRLEUR"] -> Rate)."";
$DEM = "".utf8_decode($item[@ id = "BRLDEM"] -> Rate)."";
$ARS = "".utf8_decode($item[@ id = "BRLARS"] -> Rate)."";
$BOB = "".utf8_decode($item[@ id = "BRLBOB"] -> Rate)."";
$CLP = "".utf8_decode($item[@ id = "BRLCLP"] -> Rate)."";
$COP = "".utf8_decode($item[@ id = "BRLCOP"] -> Rate)."";
$ECS = "".utf8_decode($item[@ id = "BRLECS"] -> Rate)."";
$PYG = "".utf8_decode($item[@ id = "BRLPYG"] -> Rate)."";
$PEN = "".utf8_decode($item[@ id = "BRLPEN"] -> Rate)."";
$VEF = "".utf8_decode($item[@ id = "BRLVEF"] -> Rate)."";
}
?>

esta com esse erro > Parse error: syntax error, unexpected '=', expecting ']' in/home/storage/e/4a/40/.../public_html/.../produtos.php on line 4

Alguem pode me ajudar...