To describe the FX market as muddled over the last few days would be to credit it with a wholly unjustified semblance of orderliness.  Investors were confident, scared, optimistic, frightened and upbeat, in that order.  The euro's status as a safe-haven currency meant that it was sold, bought, sold, bought and sold again as investors' mood changed almost with their socks.  On Friday morning, after the Bank of Japan announced it was cutting its deposit rate to a negative -0.1%, the supposedly risky commodity-oriented currencies were in favour and the safe-havens were not.

For the euro against sterling the net result was a relatively modest half-cent loss after it had covered a two-cent range five times.  It did rather better against the US dollar, adding a net cent and a half, principally as a result of the growing suspicion that the Federal Reserve is not as keen to raise interest rates as it pretends to be.