An ordinary week for the Euro kept it in the middle of the bunch as investors' attention was focused elsewhere. The economic data from Euroland were broadly positive, with confidence and output measures mostly exceeding forecast. Unemployment in the Eurozone as a whole was unchanged at 9.8% while in Greece it remained well into double figures at 23.1%.

The real headlines were being made in Britain and the States. Britain's Prime Minster said people who thought the country could keep "bits of EU membership" were missing the point that it "would be leaving". Germany's Prime Minister said much the same thing the following day. America's President-elect held an anarchic press conference, during which no mention was made of the stimulus measures that investors had been banking on. Consequently the Euro added a third of a US cent and strengthened by two and a half cents against Sterling.