From an economic point of view it was a quiet week for the euro. Industrial production in the euro zone was up by 1.4% on the year and 1.5% more people had jobs. April's trade surplus was smaller than forecast. On the political front the picture was mostly positive: The party of Emanuel Macron, France's new president, put in a good showing in the first round of voting for the legislature and the European Council approved the latest round of Greece's bailout finance.

Following its post-election trashing sterling did reasonably well, strengthening by two thirds of a cent on the week. It was not easy going but the Bank of England did its bit to help. The Monetary Policy Committee kept Bank Rate unchanged at 0.25% but three of the eight members voted for an increase. That came as a surprise to investors and they marked up the pound.