The economic data from Euroland were more plentiful than those from the UK. They were also better. If there is any surprise at the euro's quarter-cent gain against sterling it is that the gap was not wider and that it lost a quarter of a US cent over the week. 

News last Friday that German retail sales had increased by 0.5% in May and that inflation in Euroland had slowed slightly to 1.3% coincided with the second revision to UK first gross domestic product. There was no alteration to the 0.2% growth reported previously, so Britain remained the weakest performer in G7. It was a similar story with the purchasing managers' indices, which measure activity in the private sector. Euro zone manufacturers scored 57.4 while those in Britain returned a 54.3. For services firms the results were 55.4 and 53.4 in Euroland's favour.