The US dollar is back in action! America’s currency rose to its highest point against the euro since January 3rd this week, or almost two months, to 0.7659. How come? First, because automatic spending cuts worth $85bn have come into force in the States, following US leaders’ failure to agree a deficit reduction plan. That’s led investors to shelter in the safe-haven greenback. Second, because Italy remains in deadlock, following its weekend election. To put this into context, the US dollar was at 0.732 against the euro at the start of February, meaning it’s since climbed more than 3 cents. A $250,000 transfer is hence worth €8.475 more than a month ago. (Please bear in mind, these are … [Read more...] about US dollar to euro hits 2-month high, as US spending cuts kick in
pound to euro
Euro wobbles as ECB hints at intervention to curb its strength
The common currency lost almost two cents against the pound last week, falling from 0.8691 on February 1st to 0.8541 today. Meanwhile, against the greenback it lost two and a half cents, tumbling from a multi-year high of 1.3662 to 1.3410 at the time of writing. Of course, these losses hardly undo the euro’s January gains. The common currency still sits close to historical highs against sterling and the buck. But what we’ve seen this week is that it’s rally isn’t endless. ECB to “monitor” the euro's strength To account for the euro’s losses this week, we can look to what’s typically been the chief mover of the euro exchange rate in the debt crisis, the European Central Bank. Speaking … [Read more...] about Euro wobbles as ECB hints at intervention to curb its strength
How high will the euro climb?
Since the start of the year, the common currency has jumped from 1.3031 against the US dollar to 1.3670, a gain of +4.9%. And against the pound sterling, the gains are even more pronounced, rising from 0.8131 on January 1st to 0.8641, or +6.27% higher just a month later. Now, while such rapid rises aren’t unprecedented in my experience, they’re notable, especially given that so very recently the Eurozone was in intensive care. To explain these gains, without a doubt the biggest factor is the turnaround in euro sentiment. In 2012, the talk was of the currency collapsing. Correspondingly, no one wanted to touch it, leading to outflows to relative havens such as the pound and US … [Read more...] about How high will the euro climb?
Pound falls as UK faces triple-dip recession
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. Latest exchange rate changes GBPEUR: 1.2527 to 1.2443 (-0.671%) GBPUSD: 1.5989 to 1.5875 (-0.713%) EURUSD: 1.2762 to 1.2758 (-0.031%) The pound lost out to both the euro and US dollar this week, putting an end to three weeks of gains against the common currency, as the Bank of England warns the UK faces a possible triple-dip recession in 2013. This pound loss came in spite of the fact that, meanwhile, the Eurozone officially entered recession this week, contracting … [Read more...] about Pound falls as UK faces triple-dip recession
Euro unchanged on Sandy, presidential election
Welcome to the Pure FX account of changes in the euro exchange rate, covering the 26th October to 2nd November 2012. 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. Exchange rates Pound to euro: 1.2476 Pound to US dollar: 1.609 Euro to US dollar: 1.2896 As you can see above, the exchange rates stand unchanged this week, with the pound still close to its highest rate against the euro since early October. This largely reflects two things: one, the impact of Hurricane Sandy on the North Coast of the US, including the States’ financial centre of New York, and two, the Presidential election next … [Read more...] about Euro unchanged on Sandy, presidential election
Pound hits three week high as UK expands 1.0% in Q3
Welcome to the Pure FX account of changes in the euro exchange rate, covering the 19th to 26th of October 2012. 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. Latest exchange rate changes Pound to euro: Last week: 1.2276 Today: 1.2457 Increase: +1.474% Pound to US dollar: Last week: 1.6038 Today: 1.6108 Increase: +0.436% Euro to US dollar: Last week: 1.306 Today: 1.2925 Decrease: –1.034% The UK pound reversed a four-month decline against the euro this week, gaining almost two cents against the common currency. This takes sterling back to a level we last saw in early October, when … [Read more...] about Pound hits three week high as UK expands 1.0% in Q3
US dollar triumphs as Eurozone bank recapitalisation agreement unravels
Welcome to the Pure FX account of changes in the euro exchange rate, covering the 5th to 12th of October 2012. 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. Latest exchange rate changes Pound to euro: 1.2439 to 1.2398 (-0.33%) Pound to US dollar: 1.6181 to 1.6038 (-0.884%) Euro to US dollar: 1.301 to 1.2936 (-0.569%) The US dollar has triumphed against the pound and euro this week, as a Eurozone agreement dating back to June to break the link between indebted banks and governments unravels. If you’re in the US and intend to emigrate to Spain or Portugal then, this means you can receive a … [Read more...] about US dollar triumphs as Eurozone bank recapitalisation agreement unravels
Hope against hope for Spain bailout aids euro
Welcome to my latest account of changes in the euro exchange rate, covering the 28th September to 5th October 2012. 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. Latest changes in the exchange rate GBPEUR: 1.2577 to 1.2439 (-1.097%) GBPUSD: 1.6267 to 1.6181 (-0.529%) EURUSD: 1.2933 to 1.301 (+0.595%) Back up for the euro then! Following a fortnight in which the common currency fell against its pound and US dollar, its back up again this week, as the markets hope against hope that Spain requests a bailout. Curiously however, this hope flies even in the face of remarks from Spanish prime … [Read more...] about Hope against hope for Spain bailout aids euro
Euro continues to fall on Spanish budget, Catalonia doubts
Welcome to the Pure FX account of the latest changes in the euro exchange rate, covering the 21st to 28th September 2012. 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. Exchange rate changes this week: GBPEUR: 1.2511 to 1.2577 (+0.528%) GBPUSD: 1.6252 to 1.6267 (+0.092%) EURUSD: 1.2987 to 1.2933 (-0.416%) So it looks like that fall in the euro that we saw last week, following the common currency’s two-month climb against the pound and US dollar, wasn’t a one-off then: this week, the euro has again lost out against its main counterparts. This currently puts the pound and greenback at a two-week … [Read more...] about Euro continues to fall on Spanish budget, Catalonia doubts
Euro good luck streak ends as Eurozone data points to recession
Welcome to the Pure FX account of the latest changes in the euro exchange rate, covering the 14th to 21st September 2012. This is intended as a brief guide to movements in the euro this week, to put you in the best position when you exchange currencies. Exchange rate changes GBPEUR: 1.2415 to 1.2511 (+0.773%) GBPUSD: 1.6198 to 1.6252 (+0.333%) EURUSD: 1.3048 to 1.2987 (-0.468%) So the euro’s run of good luck comes to an end! The common currency lost out against the pound and US dollar for the first time since mid-July this week, as faltering economic conditions point to recession in the Eurozone, and Spain keeps the markets guessing about whether it intends to tap the European … [Read more...] about Euro good luck streak ends as Eurozone data points to recession