A uneventful week for the euro left it unchanged against the US dollar and the Swiss franc. The simmering Brexit situation continued to favour the Japanese yen, which was the week's top-performing major currency, but the euro continued to dodge its effects. Ecostats from the euro zone tended to be positive, suggesting that Euroland's economy is gradually emerging from its phase of stagnation.
The purchasing managers' index measures of activity in the private sector were better than expected, with the manufacturing and services sector both beating expectations. The UK PMIs were not as strong as those from Euroland but they were not the pound's problem. It continued to be weighed down by the negative sentiment caused by Brexit-angst. Sterling was the week's poorest performer, losing three and a half euro cents. Since Referendum Eve the pound has fallen by more than 10% against the euro and some say it has further to go.