The week was dominated on both sides of the Channel by speculation about the future course of interest rates. On Tuesday the European Central Bank president, Mario Draghi, gave the impression that rates might be about to rise: the following day his lieutenants told Reuters that he had been misconstrued. Bank of England governor Mark Carney was heard to say on Wednesday that UK rates will rise when the circumstances are appropriate, apparently contradicting what he had said a week earlier in the Mansion house speech.

The result is that investors now see a 50% chance of higher UK rates this year and because of that they have stocked up on sterling - or at least covered some short positions. They had an equal appetite for the euro and the two are unchanged on the week against one another. Both are an average of 1.3% higher against the other 11 most actively-traded currencies.