When the European Central Bank president attended the European Parliament's economic affairs committee Mario Draghi's observations were in line with what could have been expected. The ECB is not, as alleged by the White House, massaging the euro lower to satisfy Germany. The euro is not about to break up: it is "irreversible". Yet the scandal surrounding French presidential candidate François Fillon could leave the way open for the Front National's Marine Le Pen to take over the Élysée Palace and one of her campaign pledges is to take France out of the single currency.

Another existential risk is the resurfacing of the long-running three-way squabble about Greece's bailout. There is so far no sign of compromise between Athens, the country's EU creditors and the IMF. These political risks overshadowed the euro, leading to a below-average performance. It lost one US cent on the week and dropped a cent against sterling.