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Eurozone Soaring As Stress Tests Become Distant Memory

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Euro soars past 1.31 dollars on eurozone data
18:02, Thursday 29 July 2010
The euro soared past the 1.31-dollar mark Thursday, its best showing since early May, on reports of strengthening eurozone confidence and an improvement in Germany's employment picture.
The euro also drew support from news of an unexpected fall in first-time claims for US jobless benefits, a report that emboldened investors to seek out currencies such as the euro seen as riskier than the dollar.
The euro in late-day trade was at 1.3069 dollars against 1.2992 dollars late Wednesday in New York. The single currency at point shot up to 1.3107 dollars just after a robust start to the trading day on Wall Street.
The euro was underpinned by Europe's Economic Sentiment Indicator, which rose to its highest level in July in more than two years, driven by eurozone powerhouse Germany, improved order books and optimism among consumers.
"July's sharper-than-expected increase in economic sentiment will further allay fears of a near-term double dip recession in the Eurozone and may give fresh support to the euro," Dutch banking group ING said in a note.

What a difference a few days make! Sovereign debt was there and suddenly, it wasn't there. All very mystical and magical. A bit like a Disney film.

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Silly season.

Stronger sales,
weaker euro good news
for VW
Etienne Balmer and Francois Becker, 18:08, Thursday 29 July 2010
Volkswagen (Xetra: 766400 - news) , Europe's biggest automaker, benefited from strong sales and favourable exchange rates as it posted Thursday a second quarter profit more than four times the previous year's figure.

Silly season indeed. One of the reasons the EZ got in trouble last year was the soaring Euro. They need a higher Euro now like a proverbial stitch in time or is that hole in the head?

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  • 433 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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