Barack Obama, on his farewell tour, visited Athens where he spoke of the need for Greece's creditors to relieve some of the country's debt. The following day he was in Berlin, perhaps to make the same suggestion to Angela Merkel. It was a reminder that Greece’s debt perma-crisis has not gone away: it has simply been overshadowed by the more immediate issues of Brexit and the US election.

The Euroland economic data were not of much help to the euro either. Industrial production was down in September. Gross domestic product expanded only by a provisional 0.3% in the third quarter. Inflation remained stuck at 0.5%. Investors' lack of enthusiasm for the euro allowed it to fall to a 12-month low against the US dollar with a weekly loss of three and a quarter cents. It did slightly less badly against sterling, losing two cents.