The European Commission said on Thursday that it would approve the Italian government's cash injection for the troubled lender Monte Paschi di Siena. It is not a bailout (for that would be prohibited by EU rules) it is "liquidity support" to tide it over a difficult patch. Investors had been fairly confident that, true to form, the EU would be able to cobble together a rescue for the bank so there was no reaction by the Euro.

Coincidentally, hours after the rescue was announced the Euro leapt 1.5% higher before settling back. The move was driven by "algorithmic" computerised trading models when the Euro moved up through US$1.05. It contributed to a weekly gain of one and a quarter US cents for the Euro and it was up by two and a third cents against Sterling. For calendar 2016 as a whole the Euro is up by 14% against the Pound and it is 3.5% lower against the US Dollar.