There was little net change for the euro against the pound and the dollar. It strengthened by quarter of a US cent and lost a fifth of a cent to sterling. That is not to say the week was entirely uneventful. Last Friday the pound extended the rally that had begun after Britain's prime minister sent her Article 50 divorce letter to Brussels. The pound's climb was the result of further unwinding of short positions by investors.

There were more reminders of how monetary policy is pointing in opposite directions on opposite sides of the Atlantic. Mario Draghi at the European Central Bank said for the umpteenth time that it is too soon to reduce stimulus. The Federal Open Market Committee talked of more rate increases and said it was time to think about reducing its stock of bonds, thereby further tightening monetary policy.