For once the euro had something up its sleeve to ensure that Brexit and Trump did not entirely monopolise the financial headlines. On Thursday Mario Draghi confirmed that the European Central Bank will continue with asset purchases and ultra-low interest rates until the end of the year. In response to Germany's call for a faster return to "normal" monetary policy he said "just be patient". Despite this dovishness from the ECB the euro still outperformed the US dollar, strengthening by half a cent.

The week's surprise winner was sterling, which added a net one and a quarter euro cents. Surprisingly, its gains were the result of a speech in which the Prime Minister said Britain would be leaving the single market. Investors had been primed to expect the news and they appreciated the new clarity. They particularly liked the idea that parliament would get a vote on the eventual deal.