The euro kept an uncharacteristically low profile over the Easter weekend. With the exception of an uptick in German inflation to a provisional 0.3% there were no important euro zone economic data to shape its fortunes. The only European Central Bank overseer not to have taken the week off was Executive Board member Benoît Cœuré, who told an interviewer that the bank "will not take rates into absurdly negative territory".

Over the nine days the euro moved a dozen or so ticks higher against sterling. It picked up two cents against the US dollar, which became the week's poorest performer after the Federal Reserve chairperson poured cold water on expectations of higher interest rates. For the year to date the euro's performance is average, strengthening by 7% against sterling and by 4% against the US dollar. Sterling's performance over the quarter was wretched: it lost ground across the board.