In view of the potentially worrying developments over the last fortnight investors have been remarkably sanguine in their attitude to risk. North Korea, Syria and Ukraine are just three of the areas investors are refusing to worry about. They were positively joyful when the British prime minister announced a general election at short notice, even though they can have no idea what she intends to do, Brexitwise, with her presumably increased majority. Over the two weeks the euro strengthened by two thirds of a US cent and lost two and a quarter cents to the charging pound.
There is a degree of unease about this weekend's first round of voting in the French presidential election. It is possible that two anti-euro candidates - Jean-Luc Mélenchon and Marine Le Pen - could survive to fight it out in round two. Were that to happen the euro would likely come under pressure.