The euro had no problem staying ahead of the British pound. It picked up a cent and a quarter on the week, extending its post-referendum gain to 11%. Sterling was in trouble again as the Brexit monster was reported to be emerging from its lair. As in the last three months there were no actual sightings but the rumour mill was churning with talk of a "hard Brexit" and the chancellor was said to have given up hope of remaining in the EU's single market.

It was not such a good week for the euro on other fronts and it ended up with an average loss of -1% against the other dozen most actively-traded currencies. It lost half a US cent, partly because the Federal Reserve decided not to increase dollar interest rates. The prospect of low rates for longer reduced investors' appetite for safe-havens such as the euro and the Swiss franc.