World Economy

Worried about the € heavyweight Spain have set the European single currency beginning of the week again under pressure.

In the low of the euro fell on Monday to 1.2993 U.S. dollars, for the first time since mid-February under the mark of $ 1.30. Until the late afternoon, the euro recovered significantly but at $ 1.3060. The European Central Bank (ECB) had the exchange rate at noon at 1.3024 (Friday: 1.3148) dollars. The dollar cost to 0.7678 (0.7606) €.

Earnings were primarily the euro through the development of the Spanish financial markets. On the market for government bonds, the situation again. In the landmark ten-year returns for Spanish government bonds climbed for the first time this year on the threshold of six percent. Quite as bad as in November 2011, the situation is not yet: At the time, were also important core European countries like France have been captured by the turbulence. Sustainable calm before the ECB was able to provide, as they flooded the financial sector with two massive injections of money, a total of one trillion euros.

The effect of this flood of liquidity seems to subside now. In this context, recent statements from the Federal Reserve had taken care of much confusion. Obviously there is in the Governing Council is currently no consensus as to whether the currently dormant bond purchases should be resumed. In the past week, the ECB kept silent, as figures showed the central bank on Monday.

Despite the recent unfavorable development expert warned Marc Castle home of the BayernLB panic. "I would put the current developments both in the foreign exchange market as well as in the Spanish bond market should not be overestimated," said Castle home, head of foreign exchange at the Bavarian state bank. Thus, the trade between the euro-dollar is still much thinner than before the Easter holidays, which favors fluctuations. "In addition, trading on the Spanish bond market is currently very nervous. That should not continue on this scale. "