With last Thursday's European Central Bank policy announcement out of the way the euro was able to adopt a relatively low profile. There were few Euroland economic data to trouble it and those which did appear were uncontroversial. German inflation was steady at 0.4% and €Z inflation picked up to 0.2%, matching a ten-month high.  

Pan-Euroland industrial production in January matched its biggest year-on-year increase - 2.8% - since 2011. Even though that was better than forecast, investors were not particularly impressed because they had already seen the national components that made up the numbers.

The euro had a so-so week, losing a meaningless fifth of a cent to sterling. It did, however, pick up one and a quarter US cents after the Federal Reserve's policy statement indicated the possibility of only two rate increases this year instead of the four that were previously on the cards.