Although it was more a matter of sterling weakness than euro strength, the euro had another winning week against the pound, adding three quarters of a cent. It also beat the US dollar, but only by less than a fifth of a cent. There were no Euroland economic data or news to inspire investors: they simply carried on doing what they had been doing since the beginning of the month. A modest euro sell-off on Tuesday probably owed more to end-of-year position-squaring than to any change of sentiment.

It has not been a great year for the euro, which has fallen by -10% against the dollar and by -6% against sterling. The year ahead might not be too clever either: more than one major economics team is looking for parity with the dollar. But there could be problems for the pound too, not least the political and economic uncertainty that will attend the EU referendum.