Broadly it was a bad week for the euro and the US dollar, a good one for the pound and an even better one for the yen. The euro was unchanged against the dollar and both currencies lost a cent and a quarter to sterling. Investors tended to favour the Japanese currency for its perceived safe-haven quality, sending it two yen higher against the euro.

The euro did nothing to distinguish itself. Such economic data as did emerge from Euroland were of low importance and unremarkable. Against the dollar the euro covered a range of less than one US cent. Its range against sterling was double that. On Monday the pound fell to the back of the pack after the prime minister named 29 March as the day she would pull the Article 50 Brexit trigger. On Wednesday it raced to the front when UK inflation came in ahead of forecast at 2.3%.