The latest in an interminable series of deadlines for an agreement between Greece and the EC/ECB/IMF "troika" comes on Friday when Athens must repay €300 million to the IMF.  The assumption is that without an agreement to resume its suspended bailout payments Greece will be unable to come up with the cash.

Last Friday morning investors remained optimistic that the two sides would not be so stubborn as to preside over the dismemberment of the single currency.   The euro was down by two cents on the week against the US dollar but was holding onto a slender half-cent gain against sterling and was up by two and a quarter Australian cents.

As the clock ticks down to Friday's repayment it is inevitable that the euro will be affected by the way investors perceive the wind to be blowing.   That could mean a choppy week for it.