Despite its dismal economy:
The exchange rates in some sense "should" have moved a lot, turning Spain into an American tourist’s paradise. But they haven’t, because Spain is only a small part of the eurozone. The exchange rate dynamics reflect the overall conditions throughout the currency area, most of which is doing much better than Spain or Greece. Because of Germany’s strength, the euro doesn’t fall across the rest of the continent (just as a recession in Florida doesn’t pull down the dollar in the rest of the United States).