A week on from the European Central Bank's threat of extended monetary stimulus the euro continued to lose ground against the other major currencies. Some of the Euroland economic data were actually quite helpful to the euro: the German manufacturing sector PMI was only fractionally below forecast in October and German business confidence exceeded expectations despite the fallout from Volkswagen's diesel emissions scam.

But any thunder the euro might have generated was stolen by the US dollar when the Federal Reserve issued its six-weekly monetary policy statement. It came close to promising that US interest rates would be raised at the next meeting in December. With the ECB potentially heading in the opposite direction the dollar was the week's clear winner, taking a cent and a quarter off the euro. Sterling added nearly one euro cent to place third among the major currencies behind the Japanese yen.