Welcome to the Pure FX account of changes in the euro exchange rate, covering the 12th to 19th 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: 1.2398 to 1.2276 Pound to US dollar: 1.6036 to 1.6038 Euro to US dollar: 1.2936 to 1.306 Who would have thought it? The euro continued its slow ascent against the pound and US dollar this week, bouncing back ever since its July nadir of 1.20 against the greenback. This is chiefly as Spanish prime minister Mariano Rajoy’s strategy of simply waiting out the markets pays off, and events turn in … [Read more...] about Euro gains as Rajoy’s waiting game pays off
spain bailout
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
Spain’s reluctance to request aid weighs on the euro
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
The regions’ role in the seemingly unstoppable slide towards Spain’s bailout
Spain’s economy minister, Luis de Guindos, has insisted again that Spain will not require a full sovereign bailout. But does anyone believe him? Almost certainly not. During its seven months in power, the government of Mariano Rajoy has been repeatedly forced to backtrack on pledges and resolutions. The promise not to raise taxes has been followed by increases in income tax and VAT. The assertion that social spending would be ring-fenced has been followed by cuts to health and education. And the claim that Spain would not require a bailout for its banks…well, you guessed it. So when Guindos says there won’t be a full-blown bailout, because the Spanish economy is strong enough to withstand … [Read more...] about The regions’ role in the seemingly unstoppable slide towards Spain’s bailout
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
A turbulent history of Madrid’s towers of crisis
With the Spanish government accepting an EU bailout offer of up to €100 billion to recapitalize its ailing banking system, images of the country’s major financial institutions have been flashed repeatedly across global news reports. Perhaps the most displayed image has been that of the headquarters of Realia and troubled bank Bankia: a pair of towers that lean dramatically over the Paseo de la Castellana, a major Madrid thoroughfare. The Puerta de Europa towers were designed by the American firm of Johnson/Burgee Architects. Philip Johnson (1906-2005) had been an early proponent of the International Style, introducing Americans to European architects such as Mies van der Rohe and Le … [Read more...] about A turbulent history of Madrid’s towers of crisis
Bailout? What bailout?
“It’s not a bailout…it’s a credit line with very favourable conditions.” (Luis de Guindos.) “It’s a victory for the euro…If we hadn’t done what we have done in the past five months, the result would have been a bailout of the kingdom of Spain.” (Mariano Rajoy.) You’d hardly imagine, from listening to Spain’s prime minister and his economy minister, that the country has joined the list of nations that are receiving rescue packages from the European Union. Offering up to €100 billion for a banking sector crippled by toxic assets is clearly a major step for the EU, although whether it’s the “victory” Mariano Rajoy talks about is still uncertain. One thing the EU’s fourth bailout has … [Read more...] about Bailout? What bailout?
Truth is the casualty as Spain’s campaign heats up
The last few days haven’t been good ones for truth and accuracy on Spain’s political scene. In fact, for those who follow the news closely, it’s been downright confusing. Popular Party (PP) spokesman Esteban González Pons should shoulder at least some of the blame, after sheepishly backtracking on a pledge, made on September 7, that his party would create 3.5 million jobs over the next four years if it wins the November 20 general election. It was a target that meant slashing Spain’s unemployment rate by 70 percent. 3.5 million? Of course not, González Pons said the next day, after PP apparatchiks were left scrambling to make sense of his boast. What he meant to say, he explained, was … [Read more...] about Truth is the casualty as Spain’s campaign heats up