Dollar Stumbles Against its Rivals After New Greek Aid is Reported

During Wednesday’s trade the US dollar seemed to fall against several of the major currencies. This was a huge contribution of the euro zone nations report on the IMF who were all ready to give Greece an aid package to clear its debts; however the aid that will be given to them is expected to supersede what was expected.

The greenback seen a slump against the euro and the trading pair of the EUR/USD had climbed to a percent of 0.23 and reached a level of 1.3206 and this took place after the opposition party of Germany’s parliament had mentioned that the IMF Managing Director Dominique Strauss-Kahn said that the rescue package that would be given to Greece would amount to about EUR 100 – 120 billion Euro and this would be released over a period of 3 years. This information was released by Reuters.

The French Prime minister Francois Fillion on Wednesday mentioned that the only way to prevent yourself from speculating against the financial turmoil in Greece would be if you decide on a package at the earliest.

In the meantime the dollar also fell against the Swiss franc and the USD/CHF trading pair had fallen to about 0.22% to get to a level of 1.0855. The greenback did not seem to do well against the AUD and its New Zealand counterparts. The AUD/USD had surged to about 0.78% to get to 0.9226 while the USD/CAD had fallen to 0.47% to get to a level of 1.0129 while the NZD/USD had moved up to 0.71% to get a level of 07164.