Spain € 100 billion bailout from the Euro Zone

Published on in Foreign Exchange News by

Global equities and the Euro have seen a relief rally after Spain took as much as € 100 billion from the Euro Zone to help its crumbling banking system.

Spanish Prime Minister Mariano Rajoy’s June 9 request for the funding comes after stating two weeks ago that Spain would not need a rescue. This marks a swift reversal for the premier who won the biggest majority in 30 years in November. The actual details of whether the funds will flow from the ESF will be announced later but in the meantime it may fuel scepticism that Rajoy can meet his deficit-cutting promises. Either way it makes for a tumultuous time in the Euro Zone ahead of the Greek elections this week.

Both the USD and Sterling are weaker against a broad range of currencies after the Spanish news, while market speculators remain reluctant to hold onto Euro’s.

Main Currency Pairs * Friday Today
GBP/EUR 1.23750 1.23500
GBP/USD 1.54160 1.55650
GBP/CAD 1.59400 1.59330
GBP/NZD 2.02000 2.00670
GBP/AUD 1.56800 1.56110
GBP/AED 5.65000 5.67440
EUR/USD 1.24500 1.26010
GBP/CHF 1.48600 1.48670
GBP/ZAR 13.0900 12.9205
GBP/SEK 11.1100 11.1122
GBP/JPY 122.070 122.409
GBP/PLN 5.33000 5.31720
USD/PLN 3.45800 3.44560
EUR/PLN 4.30500 4.29600
EUR/CHF 1.20100 1.20120
GBP/MAD 13.6200 13.6428
PLN/EUR 0.22980 0.23280
GBP/CZK 31.6500 31.5378
GBP/DKK 9.19000 9.19850
GBP/HKD 11.9580 11.9714
GBP/HUF 368.600 367.102
GBP/NOK 9.39300 9.40590
GBP/INR 85.7100 85.5919
GBP/THB 48.9300 48.9189

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