Panic mood for the euro

Euro Tumbles Most Against Dollar Since January on Rate Signal; Yen Climbs

By Allison Bennett and Catarina Saraiva

The euro fell the most in four months against the dollar after European Central Bank President Jean- Claude Trichet signaled he may not raise interest rates next month and concern grew that Greece’s debt crisis is worsening.
The shared currency tumbled yesterday by the most in a year after Germany’s Spiegel magazine said Greece may withdraw from the euro. European Union ministers attending talks in Luxembourg later denied Greece would leave the currency and said it may receive more aid. The yen strengthened as plunging commodities prompted investors to unwind bets in higher-yielding assets. In the U.S. inflation may have slowed in April even as more jobs were added, a report next week is forecast to show.
“You combine the less-hawkish-than-expected Trichet and stronger U.S. payrolls, and you get a 4 cent fall in the euro in two days,” said Richard Franulovich, a senior currency strategist at Westpac Banking Corp. in New York. “The saga continues to unfold” in Greece, he said.
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Comment: The Greek monetary tragedy is becoming a farce. Politics which has always been the home of criminals is more and more becoming also the home of clowns. Yet let's not forget that the biggest kindergarten of the world is at a place called Wall Street. Thus, in conclusion, one may add that the world is ruled by little else other than criminals, clowns and kids.