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Tiger Woods divorce could cause a Swedish currency growth

by Dan
August 24, 2010 at 8:17 pm

The divorce agreement in which Tiger Woods could pay up to $500 million to Swedish model Elin Nordegren could be a base for an appreciation of the krona (Swedish currency) against the U.S. currency, according to Citigroup analysts note.

Financial markets were affected by a high nervousness on Tuesday, but traders have been relaxed by a note suggesting that Citigroup’s suggesting that Tiger Woods’ divorce agreement could be the cause of Swedish currency growth, says a journalist from Wall Street Journal (WSJ) on their blog.

Tiger Woods divorce ended on Monday, exactly when the Swedish krona began to grow against the dollar. Krona further depreciated, without any clear basis.

Woods effect could be just a rumor, but “we cannot be sure” noted Citigroup analysts. American Financial Group specialists explanation is logical, notes WSJ journalist Katie Martin. The amount that Tiger Woods will pay after the divorce is not yet known but will probably be quite large. Financial markets are very quiet and can be easily influenced. Buying krona worth several million dollars by Tiger Woods would be sufficient, considers Martin.

Even if krona evolution was not influenced by his divorce, a little bit of relaxation doesn’t hurt anyone, especially to financial markets, affected by concerns about the state of the global economy, says the material posted on the WSJ blog.

The dollar was trading at SEK 7.45 at 11:25 GMT. According to U.S. press, Nordegren would receive between 100 and 500 million dollars after the divorce.

Image source: mwza.com

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