Losses of two thirds of a yen, a quarter of a Swiss cent and nearly one US cent pushed the euro into the back end of the field: only the Northern Scandinavian crowns, the pound and the South African rand had a worse run. The euro did nothing particularly wrong: most of the economic data from Germany and pan-Euroland beat forecast. It was just that investors' attention was elsewhere. It was on the United States, where it continues to look likely that interest rates will go up in December. And it was on Britain, where the referendum result continues to cripple sterling.

The only ray of sunshine in the pound's week was a suggestion that parliament would get a vote on the Brexit terms. That idea was quickly squashed by the Brexit minister and down went sterling again. It lost one and a quarter cents on the week and is down by -15.2% since Brexit Eve.