The euro had an uneventful week.  It was unchanged against the Japanese yen and a couple of dozen ticks higher against the US dollar and Swiss franc.  The ecostats from Euroland were, by and large, positive for the currency:  the handful of consumer and business confidence measures compiled by the EC came in above forecast and the first stab at third quarter growth showed the economy expanding by 0.6%.

Sterling's week was anything but eventful.  Until Wednesday it was toddling along quite nicely.  At that point it was knocked slightly off balance by the resignation of UK defence minister.  The following lunchtime it was smashed after the Bank of England delivered its widely expected interest rate increase.  The bank made a big point of telling investors not to hold their breath for a further rate hike so they fled, leaving the pound four fifths of a euro cent lower on the week.