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The euro managed to rebound from its one-month lows against the U.S. after the market learned German investor confidence improved in April.
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Ireland revealed 'horrendous' numbers behind its latest bank bailout, Moody's downgraded Spain and shouts of angry demonstrators were ringing in political ears across Europe so why, on Thursday, did the euro manage to extend its rally against the dollar, one that has continued steadily for the last four months?
One day the crisis will be over, either because the euro zone managed to muddle through or because it didn't, and came apart.To avoid coming apart, the euro zone needs to accomplish three things.
As its price for agreeing, Germany has opened the door to moves to reshape the way the euro is managed.
German officials sounded the toughest, seeing this summit meeting as a chance to achieve permanent changes to the way the euro is managed, an important goal for them.
Data on the American economy, although mixed, are on balance better than they have been; even the euro zone managed to post better-than-expected manufacturing PMIs in May.
Even the flagging euro has managed a small rally.Perhaps most startling of all, and perplexing to those economists who have consistently got their predictions wrong, is the sharp fall in Europe's unemployment.
In April China's money supply grew at the slowest rate on record; fixed-asset investment rose by 12% in January to April, the most languid pace since late 2000.Despite a slowdown in Germany, the euro zone managed to chalk up growth of 0.4% in the first three months of the year compared with the fourth quarter of 2014, the fastest rate in nearly two years.
The euro is managed and administered by the Frankfurt-based European Central Bank (ECB) and the Eurosystem (composed of the central banks of the eurozone countries).
The going rate is 25 euros; I managed to bargain the Russian woman collecting fares down to 20, causing her to put a "don't tell" finger to her lips.
Partly, it seems, the Euros have managed this because we simply won't recognise them, when they turn up at the abbey – apart from the BBC man with the cheat list.
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