Euro Trends Down on Greek, Norway News

The Euro is on a slight increase trend against the dollar after nearly a day of downward trends. EUR/USD originally started sinking after Fitch rating agency downgraded Greece again, this time from BB+ to B+. Norway also factored into the decline, as the nation suspended a 25 million euro grant to Greece after Greece reportedly did not fulfill earlier commitments. Norway's Foreign Ministry also explained that it was waiting for Greece to explain how the funds it has already received have been spent. EUR/USD fell below 1.4200 and hit its lowest price in three days at 1.4138. It eventually found strong support and has managed to earn back some of today's losses.