The highlight for the euro came on Monday when the leaders of France, Germany and Italy met on an aircraft carrier to discuss important stuff. It was the euro's only newsworthy outing in a week of European Central Bank silence and unremarkable €Z economic data. Preliminary purchasing managers' index readings from Euroland pointed to continuing growth in the private sector despite slightly decreased business confidence.

The US dollar and British pound both did better than the euro, strengthening by half a cent and one cent respectively. Sterling came close to being the week's top performer as investors continued to close out their short positions, encouraged by better than expected UK data. Support for the dollar was motivated by a growing belief that the Federal Reserve will indeed raise its benchmark interest rate this year. Investors will be paying close attention to the Fed chairperson when she makes a speech today.