It was more of the same for the euro. Despite some reasonably brisk €Z economic data it failed to shine, principally because investors' attention was elsewhere. That is not to say it had an awful week: the euro lost four fifths of a cent to sterling and was down by only a dozen ticks against the US dollar. But the pound had another good run, helped by a growing confidence that Britain would vote to Remain within the European Union at next month's referendum.

The economic statistics from Euroland mostly either met or exceeded expectations. Among the preliminary purchasing managers' index readings, which measure activity in private sector companies, the only cause for concern was among French manufacturers, who continued to report slowing business. Revised figures from Germany showed the economy expanding by 0.7% in the first quarter, with businesses and consumers more confident than before.