Investors are considerably more relaxed about Greece and the permanence of the single currency than they were a couple of months ago. Surprisingly, they saw last Thursday's resignation of Prime Minister Alexis Tsipras as a positive: he is expected to win a snap general election and form a more centrist coalition that will pursue the reforms and cuts that are a condition of continued bailout payments.

The euro has also felt the benefit of an exodus from emerging market currencies, driven by downward pressure on commodity, energy and equity prices. Over the last week it was second only to the Swiss franc among the major currencies. The euro strengthened by a cent against sterling and added one and a quarter US cents.