Although, now that August is over, the euro zone is theoretically back at work there have been no signs of life at the European Central Bank and no word from Mario Draghi, its president. His next scheduled appearance is at a press conference next Thursday when he will explain what the bank is doing about inflation, which is provisionally reported to have slowed to 0.2%. Investors have no idea what he might have in mind, hence the euro's lacklustre performance: It lost nearly a cent to the US dollar.

The euro also lost a cent and a half to the pound, the week's top performing major currency by a goodly margin. Sterling topped the table on three consecutive days, helped by better-than-expected UK economic data. Speculators seem to be pulling back and holding their fire until they know what Brexit means (and Brexit is not a good enough answer).