As the week progressed things became gradually calmer for the euro, its most spectacular movements having taken place before breakfast last Friday as the EU referendum result became clear. Since then the single currency has strengthened against the US Dollar, the Swiss franc, the Japanese yen and, of course, sterling. It is up by one and a half euro cents and is two cents higher against the pound.

The major currencies were largely untroubled by economic data, which were relatively few in number and modest in importance. The European Council tried and failed to press Britain to pull the trigger on the Article 50 exit process then sat back to await events in Westminster. The lack of action allowed the general mood to lighten and investors rediscovered some of their appetite for risk. A downgrade of the EU's credit rating from AA+ to AA came as no great surprise.