Welcome to my weekly account of what’s affected the euro exchange rate, covering the 3rd to 10th August 2012. This is intended as a brief guide to the latest movements in the euro, to help you plan the best time for you to change currencies. How The Rates Have Changed Pound to euro: 1.2615 to 1.2707 (+0.729%) US dollar to euro: 0.8079 to 0.8151 (+0.891%) What’s affected rates this week The euro has fallen against both the pound and US dollar this week, chiefly because of a figurative game of chicken between Spain and the European Central Bank. The ECB said this week it was prepared to directly intervene in the financial markets to reduce Spain’s borrowing costs. Given that these … [Read more...] about Spain’s reluctance to request aid weighs on the euro
Euro slides as ECB disappoints
Welcome to my account of what’s affected the euro exchange rate this week, covering the 27th July to 3rd August 2012. This is intended as a brief guide to the latest movements in the euro, to help you decide the best time for you to change currencies. Rate changes this week: Euro to pound: 0.7828 to 0.7851 (+0.294%) US dollar to pound: 0.6359 to 0.6434 (+1.179%) US dollar to euro: 0.8123 to 0.8215 (+1.133%) What’s affected the euro exchange rate this week? 1. The European Central Bank shoots and misses. As we can see here, the US dollar was the comeback kid this week, stealing more than 1.0% each from the pound and euro. What explains this revival in the buck fortunes? Well, it … [Read more...] about Euro slides as ECB disappoints
Euro climbs as ECB’s Draghi vows to do “whatever it takes”
Welcome to my weekly account of changes in the foreign exchange rate, covering the 20th to 27th July 2012. This is intended as a brief guide to what’s affected the euro this week, to help you decide the best time for you to change currencies. Exchange rate changes: Pound to euro: 1.2807 to 1.2804 (-0.023%). Pound to US dollar: 1.5478 to 1.5692 (+1.383%) Euro to US dollar: 1.2094 to 1.2297 (+1.679%) What’s affected the foreign exchange rates this week? 1. Mario Draghi vows to save the euro. It’s been a tough week for the US dollar, which has lost two cents apiece to the pound and euro. This is because, speaking yesterday at a conference in London, president of the European … [Read more...] about Euro climbs as ECB’s Draghi vows to do “whatever it takes”
Euro sinks as Eurozone commitment wavers
Welcome to my weekly account of what’s affecting the euro exchange rate. Changes over one week: Pound to euro: 1.267 to 1.282 (+1.2% increase) Euro to US dollar: 1.219 to 1.226 (+0.53% increase.) Further evidence this week that the Eurozone’s politicians inhabit an alternate plane of existence, in which the economic woes befalling us mere mortals are but a cipher, or passing dream. French Finance Minister Pierre Moscovici said to officials in Washington: “People are, I think, happily surprised about what we're doing.” To which, I would have asked Monsieur Moscovici had I been there, to which people are you referring? Because, based on the tens of thousands of people protesting … [Read more...] about Euro sinks as Eurozone commitment wavers
Euro plunges as Spain cuts deeper
Changes over one week: GBPEUR: 1.254 to 1.267 (+1.037%) - Highest point since October 23, 2008 USDEUR: 0.807 to 0.82 (+1.161) - Highest point since June 18, 2010 Oh, Spain! As you can see above, the euro sits at multi-year lows against both the pound and US dollar this week, giving you a good opportunity if you intend to emigrate to the continent, or snap up some Eurozone goods. Yet the reasons for the euro’s decline could be better. Spanish Prime Minister Mariano Rajoy has announced another €65 billion in spending cuts for the Iberian nation, already widely discredited as the best way to keep Spain in recession. (For instance, Jeremy Warner of telegraph.co.uk notes, “The … [Read more...] about Euro plunges as Spain cuts deeper
ECB interest rate cut sends euro to 2012 low
Welcome to my weekly account of movement in the foreign exchange rates. So just one week has passed, and you might be forgiven for thinking that there was no EU summit at all last Friday. Because today, the yield on Spanish bonds again sits at 7.00%. The pound meanwhile (at 1.2560) is at its highest point against the euro since October 2008. Pessimistic business as usual for Europe then, when just seven days ago the outlook looked much rosier. So what’s happened? This week, the reversal in Europe’s fortunes can be attributed squarely to the European Central Bank. Speaking yesterday, its President Mario Draghi said things that not just implied the future impotence of the ECB to aid the … [Read more...] about ECB interest rate cut sends euro to 2012 low
Euro up as Spain, Italy take a stand
That, at least, is the takeaway from yesterday’s EU summit, in which Spain and Italy won significant concessions to keep themselves solvent, only by telling Germany they would block “everything” unless immediate steps were taken to help them. Does it sound professional? No. But insofar as Mariano Rajoy and Mario Monti were desperate, it probably doesn’t matter. Moreover, the panicked tactics of the Spanish and Italian premiers have provided the breakthrough the markets were looking for. On Friday, the euro climbed 1.00% against the pound and US dollar and, compared to the brief rally that followed Spain announcing its bailout, this one looks set to last. “At last,” the markets are saying, … [Read more...] about Euro up as Spain, Italy take a stand
Euro holds firm as crisis drags on
Welcome to my weekly account of changes in the euro exchange rate. This is intended as a brief guide to what’s affected the exchange rate this week, to help you decide when’s the best time for you to change currencies. Exchange rates: GBP to EUR: +1.06% (1.231 to 1.243) USD to EUR: +0.80% (0.791 to 0.797) As you can see here, the euro has held more or less stable in the past week. Yes, the pound has gained more than a cent, but this is within the range established these last six weeks, between 1.23 and 1.25. Of course, this doesn’t mean to say nothing’s happening in Europe. Quite the opposite. Right now, politicians seem to be doing more and saying more than any time I can recall … [Read more...] about Euro holds firm as crisis drags on
Euro gains in spite of Spain’s bailout
Here is my latest update of the euro exchange rate, covering the 8th to 15th June 1012. This is intended as a brief guide to what’s affected the exchange rate this past week, to help you decide if now’s the best time for you to change currencies. Exchange rates: GBPEUR: 1.2264 (-1.54%) USDEUR 0.7973 (-1.36%) You can’t have missed it, but the big news this week was Spain’s acceptance of a €100bn bailout for its banks from the EU, and the ensuing doubt about whether this would be enough to solve Spain’s problems. But in spite of there being every chance that the crisis will continue, the euro gained against both the pound and US dollar this week, as crisis fatigue set in. Why has … [Read more...] about Euro gains in spite of Spain’s bailout
Euro declines on Spanish bank run rumours
Here is my latest update on the euro exchange rate, covering the 18th to 25th May 2012. This is intended as a brief guide to what’s affected the exchange rate this past week as well as what might happen next, to help you decide if now’s the best time for you to change currencies. This past week: 1. The euro fell to 1.27 against the US dollar, its lowest point since July 2010. This is as markets (over?) reacted to speculation Greece will exit the euro inside weeks. In addition, the suspension of Bankia shares, as the troubled Spanish bank announces it needs €12bn more in aid, contributed to concerns about a bank run in Spain. How might this affect you? Obviously, if you reside in … [Read more...] about Euro declines on Spanish bank run rumours