Had it not been for the governor of the Bank of England's comments on Thursday the euro would have lost two cents on the week to sterling. As it was, Mark Carney said there was no certainty of higher UK interest rates next year, let alone this. But at least the expectation is that the next move for sterling rates will be upwards, unlike those in Euroland. The European Central Bank president reminded the world on Tuesday that the bank is "willing and able" to ease monetary policy further. Then the Federal Reserve chairperson said 24 hours later that US rates could move higher next month.

So for these three currencies the week was all about interest rate expectations and the euro was the loser. It lost one US cent and fell by a net quarter of a cent against the British pound.