The euro, as well as the pound, had a bumpy ride. It lost and regained two US cents, really through no fault of its own, eventually banking a net two thirds of a cent. Sterling and the euro were unchanged on the week against one another and, for no particular reason, against the Canadian dollar. For January as a whole the euro was up by 4% against the US dollar and down by 1.5% against sterling.

Economic data from the euro zone were unexceptional. Gross domestic product expanded by a provisional 0.6% in the fourth quarter of 2017, matching the US performance and beating Britain's 0.5%, but not by much. The EC confidence measures fell short of forecast while inflation held steady at a preliminary 1.3%. Purchasing managers' indices from the manufacturing sector scored 59.6 for the €Z and 55.3 for the UK. Once again, sentiment played a much larger part than the economic data.