It was an average week for the euro in that, on average, it was unchanged against the other dozen most actively-traded currencies. Otherwise it was a far from average week. Donald Trump's unexpected victory in the US presidential election set financial markets alight; first with a rush to offload risk then with a stampede in the other direction as it dawned on investors that Mr Trump's promised infrastructure investments and tax cuts could be good for corporate America.

The euro was hurt by the realisation that anti-establishment votes in Britain and the States could be mirrored in Italy, France and even Germany in coming months. The pound was helped by the realisation that Brexit is no longer the year's biggest black swan. Sterling was the major-currency winner for a second week, adding nearly three and a half euro cents. The euro lost one and three quarter US cents.