So this is turmoil, is it?

Yesterday’s Irish Times tells me (Fresh euro turmoil …)or at least implies that the euro is in crisis and backs it up with figures: the European single currency hit its lowest level since the 2nd March.

So it is at the lowest against the dollar that it has been for 8 whole days, and buys a whole u$s0.01 less than it did yesterday. While the euro was weak, the dollar was rising against the yen as well (and presumably, for far more unfortunate reasons, will do so further now).

Hang on a minute, do I hear the banging and hammering of a jerry-built story being hurriedly and misleadingly constructed here? Yes, of course. The reality is that nothing of interest happened on the currency markets on Wednesday and that Arthur Beesley has managed to spin normal fluctuations into a couple of extra column inches. Such is journalism.

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