Events conspired against the euro this week. Beetlegate didn't help matters, though it had more of a dampening effect on European share prices than it did on the currency itself. More important was a suspicion that the European Central Bank was sufficiently concerned about economic growth to be considering an extension to its programme of quantitative easing - printing money.  The euro was also hurt by comments from senior Federal Reserve officials suggesting that US interest rates might, after all, head higher before Christmas.

On the plus side, the ECB president told the European Parliament that there is no current plan to extend QE. The euro also benefited from its status as a safe-haven when nervousness increased about the state of the Chinese economy.

So the euro lost two and a half US cents and two thirds of an Australian cent. It was just about unchanged against sterling.