The euro was left in the shadows by the US dollar and the British pound. It did nothing wrong and the economic data were entirely reasonable: inflation for the euro zone came in exactly in line with forecast at -0.2%; Euroland's trade surplus widened; Germany's economy expanded by 0.7% in the first quarter. The sensation is that the euro zone economy is at last getting into gear even if inflation remains stubbornly low.

Yet the heroes of the week were the pound and the US dollar. The dollar gained ground as a result of warnings by the Federal Reserve that interest rates could go up again next month. The pound took the top slot after an opinion poll put the Remainers in a 55-37 lead for the EU referendum. So the euro lost one and three quarter US cents and went down by three and a quarter cents against sterling.