The euro was narrowly beaten into second place for the week by the Australian dollar. It was not a commanding near-victory though: the euro took a third of a cent off the US dollar and led the third-placed pound by just a fifth of a cent.  An unremarkable set of purchasing managers' index readings neither helped nor harmed the euro. The only internal factor to affect it was the European Central Bank's Monetary policy announcement on Thursday. Quite why it affected it is open to debate: the ECB simply said what everyone had been expecting: not much at all. But investors had evidently been hoping for something more punchy because the euro moved lower.

There was little reaction by sterling to yet more speculative wishes and comments about Brexit from Downing Street and Brussels. The US dollar was net unaltered by Trump's tariffs or the unexpectedly soothing words from Pyongyang.