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
currencies
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 to end as Greece exit nears?
Here is my latest update of the British pound to euro exchange rate, covering the 11th to 18th 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 to change currencies. Pound to euro: -0.72% decrease on the week (from 1.254 to 1.245) +2.33% increase on the month (from 1.217 to 1.245) This past week: 1. Right-wing UK newspapers including The Telegraph and Daily Express have been openly discussing this week the possibility that the euro might soon end, as economists put the odds of Greece leaving the euro at 50.0% and above. 2. The pound has lost a cent against … [Read more...] about Euro to end as Greece exit nears?
Pound to euro hits 1.25 as Spain nationalises Bankia
Here is my latest update of the British pound to euro exchange rate, covering the 4th to 11th 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. Pound to euro: +1.609% weekly increase 1.2504 (1.2306 a week ago) +2.094 monthly increase 1.2505 (1.2129 a month ago) This week: 1. The pound hit its highest rate against the euro since 2008, as well as breaking the hugely symbolic 1.25 point, as Spain’s nationalisation of Bankia as well as electoral chaos in Greece pull the euro down. 2. The Bank of England didn’t announce a fourth … [Read more...] about Pound to euro hits 1.25 as Spain nationalises Bankia
Pound to euro hits 22-month high despite UK recession
Here is my latest update of the British pound to euro exchange rate, covering the 20th to 27th April 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 is the best time for you to change currencies. Pound to euro: +0.66% weekly increase. 1.2293 (1.2212 a week ago.) +2.79% monthly increase. 1.2293 (1.196 a month ago.) This week: 1. The pound held at its highest rate against the euro in 22 months this week, in spite of the fact that the UK officially re-entered recession. If nothing else, this reflects just how low confidence is in the euro right now. 2. Francois Hollande won … [Read more...] about Pound to euro hits 22-month high despite UK recession