Another losing week for the euro took it a cent lower against sterling and the US dollar. The single currency's fans could argue that it was unlucky, that it should not have worked out like that. Last Friday's provisional purchasing managers' index readings from Euroland were pretty good and should have helped the euro (they did, but not for long). Donald Trump's capitulation when his healthcare bill was rejected by the House could have hurt the dollar (it did, but not for long). The prime minister's signature on her Dear John Article 50 letter to the European Council could have hurt sterling (it didn't).

The coups de grâce for the euro came on Thursday, with an unexpectedly low 1.6% print for German inflation and an unattributed message from the European Central Bank. The story there was that if investors think the ECB is preparing to raise interest rates they are barking up the wrong tree.