Welcome to the Pure FX account of the latest changes in the foreign exchange rates. This is intended as a brief guide to movements in the exchange rates this week, to put you in the best position when you exchange currencies. Exchange rate changes GBPEUR: 1.2621 to 1.2601 (-0.158%) GBPUSD: 1.5789 to 1.5939 (+0.95%) EURUSD: 1.2554 to 1.2644 (+0.717%) As you can see above, the US dollar was the biggest loser last week, shedding almost 1.00% against the UK pound and euro. This continues a trend we’ve seen since early August, when the buck started to slide against its counterparts, as expectations that the European Central Bank would act to “preserve the euro” boosted global … [Read more...] about US dollar loses out after ECB unveils its rescue scheme
Archives for September 2012
EU praise can’t hide Rajoy’s bailout jitters
Much was made of the apparent chemistry between Mariano Rajoy and Angela Merkel when the two leaders met in Madrid last week. The German Chancellor’s comment that she was “impressed with Spain’s reforms” was indeed music to the ears of the Spanish prime minister. Similar praise from European Monetary Affairs Commissioner Olli Rehn over the weekend, along with IMF managing director Christine Lagarde’s statement that measures taken by Italy and Spain were “adequate in and of themselves” was also welcome from Rajoy’s point of view. The Spanish leader is closely gauging these appraisals of his reform program because, as he almost certainly prepares to request some form of bailout from the … [Read more...] about EU praise can’t hide Rajoy’s bailout jitters
Clemency for ETA?
As early Basque elections loom, there is one issue that rages on despite efforts by the central government to let it lie: that of the controversial release of convicted ETA killer and kidnapper Iosu Uribetxebarria Bolinaga. On September 5, the Public Prosecutor's Office exercised its right to appeal against a ruling in favour of his conditional release. With a regional election scheduled for October 21, it is no surprise that even those in the Basque Partido Popular (PP) have been keen to nip the Uribetxebarria issue in the bud. Even Prime Minister Mariano Rajoy hoped to silence those in his party – most prominently Basque MEP Jaime Mayor Oreja and Madrid premier Esperanza Aguirre – who … [Read more...] about Clemency for ETA?
Schrödinger’s Catalonia
“The rushing Pequod, freighted with savages, laden with fire, […] seemed the material counterpart of her monomaniac commander's soul.” (Herman Melville, 'Moby Dick', 1851) ”We want the great majority of the people of Catalonia to embark with us on this voyage to Ithaca.” (Artur Mas, March 24, 2012) What does Catalan premier Artur Mas really want? Is it a fiscal pact with Madrid that leaves this region in control of its own taxation system? Or is it independence, the threat of which he is using to try to wrestle the fiscal pact from the central government? It is as if his real intentions were inside a closed box. The uncertainty he fosters allows for all kinds of … [Read more...] about Schrödinger’s Catalonia
The ego has landed
To have one Portuguese egomaniac in your football club, as Oscar Wilde might have said, is unfortunate. To have two, is careless. In which case, Real Madrid are guilty of the latter. But the club’s argument for having José Mourinho and Cristiano Ronaldo on its payroll is that they are the best in the world and their results speak for themselves. Mourinho’s weird tantrums and coded outbursts have become an accepted part of the Spanish football season – like the regular threat of a players’ strike, or unsubstantiated media claims that referees are being paid by Barça. Normally, Mourinho has some kind of objective when he performs them: pressuring for a new striker, for example, or agitating … [Read more...] about The ego has landed
La Liga: Ronaldo’s sulk overshadows Real Madrid win
On Sunday night, there was temporary relief in the Spanish capital. Real Madrid had finally secured their first win of the season, coming rather belatedly on matchday three against Granada at home. It capped a week in which Madrid had defeated Barcelona on away goals at the Santiago Bernabéu to lift their first piece of silverware, the Spanish Supercopa. But as journalists in the mixed zone looked for a few quotes and prepared for a slow news spell during the upcoming two-week international break, something altogether unexpected happened. For one, Cristiano Ronaldo who had notched a brace of goals on the night, stopped to talk. When one journalist innocently asked why he didn’t celebrate … [Read more...] about La Liga: Ronaldo’s sulk overshadows Real Madrid win
Rajoy prepares for an autumn of discontent
They call it operación retorno: hundreds of thousands of Spaniards get into their cars at the end of their holidays and drive back to their towns and cities to resume their lives. This year, like most, it has seen endless queues of overheated cars fill Spain’s roads on the last weekend of August, peopled by families dreading the return to the office or school. Just eight months into his tenure and with a handsome majority in Congress, Mariano Rajoy should be bounding back to work with a springier step than most. But instead, the prime minister could be forgiven for wishing he were in one of those sweaty, late-summer traffic jams. Rajoy’s honeymoon period finished months ago, if indeed … [Read more...] about Rajoy prepares for an autumn of discontent
Euro gains as market awaits Draghi’s silver bullet
Welcome to the Pure FX account of the latest changes in the euro exchange rate. This is intended as a brief guide to movements in the euro this week, to put you in the best position for when you exchange currencies. Changes in the exchange rate: GBPEUR: 1.2765 to 1.2593 (-1.347%) GBPUSD: 1.5687 to 1.5787 (+0.637%) EURUSD: 1.2289 to 1.2508 (+1.782%) What’s affected the rate this week Super-Mario to the rescue? As you can see above, the euro has been the big winner in the past week, gaining ground against both the pound and US dollar. Oddly enough though, this isn’t because of anything that’s happened, so much as hopes regarding what might happen. In short, the market is on … [Read more...] about Euro gains as market awaits Draghi’s silver bullet