In exchange rate terms it was an uneventful week. The pound averaged €1.2675 and never strayed more than half a cent from that level. The two currencies were unchanged on the week against one another. The US dollar did better but not a lot better, strengthening by a net quarter of a cent against the euro.

Investors seemed disinclined to react to the sort of economic data that would normally rattle their cages: Disappointing figures for American jobs and British manufacturing and industrial production made little difference to the dollar or the pound while increases for German factory orders and Euroland's trade surplus were of minimal help to the euro. The biggest event risk for sterling/euro was the Bank of England governor's press conference on Thursday but it turned out to be a damp squib: his warning of a possible Brexit-driven recession was seen as positive for the Remain campaign, and thus for the pound.