It was a good week for equities, a good week for oil and a good week for energy- and commodity-related currencies. It was therefore a bad week for the safe-havens, including the euro. There were no cold hard facts to justify the swing in sentiment, it was simply that investors figured that their previous bearishness had been overdone.

Although sterling weakened on most fronts, in large part because of today's European Council meeting that will allegedly decide Britain’s future in the EU, it strengthened by half a cent against the euro, which also lost a cent and three quarters to the US dollar.

Euro zone ecostats were few and far between. The most important were last Friday's gross domestic product figures for the fourth quarter of 2015. They showed the economies of Euroland and Germany expanding by 0.3% in Q4, in line with investors' expectations.