Provisional data last Friday showed the euro zone economy growing as quickly as the United States in the second quarter of 2016. Both grew by 0.3%. However, while the €Z figure was in line with forecast the US one was less than half the expected expansion. Investors marked down the dollar and the euro eventually gained half a US cent on the week.

Although UK growth in Q2 had been double that of the States and Euroland investors cared more about how things were going in the aftermath of the Brexit vote. The most recent data suggested they weren't going very well, with contraction across the board. It set the scene for a rate cut by the Bank of England, which was duly delivered on Thursday together with the promise of renewed asset purchases by the bank. The measures went much further than investors had expected and the pound paid the price, losing one euro cent on the week.