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Euro Tumbles Against US Dollar as Norway Suspends Greece Aid

Euro Tumbles Against US Dollar as Norway Suspends Greece Aid

2011-05-20 14:35:00
David Rodriguez, Head of Business Development
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The Euro is falling sharply against the US Dollar, Swiss Franc, and other safe-haven currencies as news breaks that Norway is suspending its aid payments to Greece because of failure to meet obligations.

The move is largely symbolic, as Norway is not part of the European Union and has contributed aid as a gesture of solidarity. Yet news that Norwegian politicians refuse to contribute a $43 million payment to Greece has forced sharp sell-offs in the Euro and threatens to push it beyond noteworthy short-term support.

Euro Sells off Sharply as Norway Suspends Aid Payments to Greece

Euro_Tumbles_Against_US_Dollar_as_Norway_Suspends_Greece_Aid_body_Picture_3.png, Euro Tumbles Against US Dollar as Norway Suspends Greece Aid

Norway is reticent to continue with fiscal aid as it claims Greece has not met its obligations to match foreign funding with its own capital. It certainly cannot be alone with populist opinion across the continent rallying against what is viewed as profligate spending in the debt-stricken economy.

The spread between Greek Government bond yields and the benchmark German Bund is once again at record peaks, underlining market stress and emphasizing that fiscal concerns are far from over for Greece and other at-risk countries.

Greece-Germany Bond Spread Hits record as Norway Cuts Aid to Greece

Euro_Tumbles_Against_US_Dollar_as_Norway_Suspends_Greece_Aid_body_Picture_4.png, Euro Tumbles Against US Dollar as Norway Suspends Greece Aid

It seems as though the Euro has sold off as markets fear Norway, however small its aid contributions, could be a sign of things to come in aid contributions for bailed-out euro zone nations.

Written by David Rodríguez, Strategist for DailyFX.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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