Euro Declines as Greece’s Rating Cut; Norway’s Krone Rallies

The euro fell against half its major counterparts after Standard & Poor’s cut Greece’s credit rating, renewing concern the region’s debt crisis is worsening.

Norway’s krone rallied against all of its most-traded counterparts as commodities rebounded from the worst week since 2008, with crude oil gaining. The 17-nation currency erased losses against the dollar after touching a two-week low before a report this week forecast to show the region’s economy grew in the first quarter at a faster pace, supporting the case for higher interest rates. The Australian dollar gained before a Chinese report expected to indicate imports increased.