There were more than a few shocks and surprises to unnerve investors, notably the attempted coup in Turkey and the International Monetary Fund's downgrade of its forecasts for global growth. Investors had to choose between the euro's safe-haven qualities and its unwilling involvement in the Brexit showdown. They really could not make up their minds so the euro was on average just about unchanged against the other dozen most actively-traded currencies. It strengthened by three quarters of a cent against sterling and lost one US cent.

On Thursday the European Central Bank confirmed there would be no change in euro monetary policy. The ECB president reminded the world that, if it became necessary, the bank would use "all instruments at its disposal" to get inflation up to 2% and boost growth. However, investors were not scared into selling the euro, even though Sig. Draghi would love them to do exactly that.