There was no shortage of action or excitement. Between Monday morning and Wednesday morning Germany’s DAX equity index dropped more than 6%, mirroring similar declines in Britain and elsewhere. The euro covered a range of one US cent twice as investors struggled to interpret what might or might not be a trade deal between America and China. Global sentiment was very much the order of the week as economic data went mostly unnoticed and investors turned a blind eye to riots in Paris.

Some of that sentiment related to the future course of US interest rates. Where at the beginning of the week it had been almost universally assumed that the US Federal Reserve would deliver another rate increase in 12 days’ time, by the end of it the probability had fallen to just 60%. All in all, investors could not make up their minds; the euro was just about unchanged on the week against the US dollar and British pound.


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