With Greece's €1.6 billion repayment to the International Monetary Fund due on Tuesday there is still no agreement on the reforms demanded by Athens's creditors as a condition of restarting the flow of bailout cash. However, investors still expect a deal to be struck from the emergency meeting of finance ministers on Saturday. 

That is not to say they are wholly comfortable with the euro. It fell by a cent against sterling over the last week and lost one and three quarter US cents. Moreover, because of the European Central Bank's ongoing programme of money-printing quantitative easing analysts at two major banks predicted last week that it will fall to parity - one-for-one - with the dollar this year.

What happens to it in the more immediate future will depend on the outcome of Saturday's Eurogroup meeting. Logic says it will deliver an agreement and the euro will be higher today.