Over the last seven days there was a noticeable improvement in investor confidence. "Risky" assets and currencies were favoured over the "safe-havens" which are perceived to offer greater security but lower returns. With the Greek crisis put to bed the euro has come to be regarded as a safe-haven. So it didn't have a great week, because investors were looking for profits, not safety. The euro lost two thirds of a cent to sterling. It did, though, have a better time than the even safer Japanese yen, which fell by proportionally three times as much.

The euro fared equally well against the US dollar, but for a different reason. Last Friday’s US employment data were softer than expected and the minutes of the Federal Reserve policy meeting left open the possibility of a further delay to the long-awaited Fed rate increase. Investors therefore sold the dollar, sending it a cent lower against the euro.