Investors have been impressed by the determination with which the Greek prime minister has marshalled his troops to push through parliament reforms that are deeply unpalatable to many in his own party. Mr Tsipras still has many hurdles to clear before the bailout money starts to flow again and there will probably be another general election before the end of the year. Nevertheless, because things are moving in the right direction for now, investors are inclined to take a more benevolent view of the euro.

It was the top-performing major currency over the last seven days, unhampered by any significant economic statistics. The euro added three quarters of a US cent and strengthened by two cents against sterling. Its future performance will depend on Greece maintaining its refreshingly low profile in the weeks and months to come.