The euro went into last weekend on a high note and it is looking perky again as this one approaches. From Monday morning until Thursday lunchtime it was not looking so clever though, at least against the dollar. That was the point at which the European Central Bank president held his press conference. Whilst he said nothing to suggest an imminent tightening of monetary policy, Mario Draghi conveyed the impression that such a thing might be under consideration sooner than investors had been bargaining for. The result was a winning week for the euro, which strengthened by 1.6% against sterling and by half that much against the dollar.

The few UK ecostats did nothing for the pound: services sector companies were less upbeat about activity and the CBI reported slowing retail sales. Nor did the dollar get any help from the Federal Reserve chairperson's confirmation that a rate increase on Wednesday is almost a done deal.