For three days in succession sterling shared the major currency lead with the euro. Until Thursday there was little to choose between them. Had the week ended a day early the pound would have taken second place to the euro, missing out by an immaterial quarter of a cent. But the week didn't end a day early. Sterling took a bath on Thursday and the euro emerged with a net gain of one and a quarter cents. It was up by two cents against the US dollar.

Thursday's fall cost sterling an average of -0.7% and was provoked by the Bank of England's cautious - some may say pessimistic - assessment of the economic outlook. Projected growth for 2017 was marked down to 1.7%, in line with the IMF forecast, and the governor pointed to a widening gap between wages and inflation. The prospect of an interest rate increase disappeared over the horizon.