Will today mark the start of a € exchange rate collapse?

So far in the euro crisis, the exchange rate for the dodgy currency has held up surprisingly well against the dollar and the yen. With the failure of the government change in Italy and the obvious desperation involved in proposing an EU only Financial Transaction Tax, this situation cannot surely continue. Even were one a holder of German denominated euros, against which one would expect a new deutschemark to appreciate, the processes through which one must now likely proceed to achieve value from such a new currency, would seem best put to one side for foreign holders of the currency during the transition period.

In the meantime the battle to save the symbol of the EU continues, with a report in the Daily Telegraph this morning that Germany will press Britain to offer real support for the sick and sick-inducing currency, read here, just as this blog has repeatedly warned down the years.