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- US focus: Euro tumbles as ECB may not be able to accept Greek debt
US focus: Euro tumbles as ECB may not be able to accept Greek debt
The euro fell versus the dollar for the first time in five days as a policy maker for the European Central Bank said it may not be able to accept Greek sovereign debt as collateral if the bond maturities are extended.
The shared currency dropped as the remarks by Bundesbank President Jens Weidmann, a member of the ECB Governing Council, added to signs of a division between monetary officials and politicians on Greek debt.
Fitch Ratings lowered Greece’s debt rating. The Bundesbank said separately Germany’s economy is losing momentum, damping speculation the central bank will raise interest rates.
“It’s negative for the euro, fundamentally negative for Greece and more broadly negative for European sentiment,” said Nick Bennenbroek, head of currency strategy at Wells Fargo & Co..
The euro also fell after Investor’s Business Daily reported Norway froze a 235 million kroner ($42 million) grant to Greece.
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