Chris Redfern Moneycorp

If anything can be said to typify the five long months of Greece's descent into delinquency, it is the steadfast refusal of investors to panic for any more than half an hour at a time.

In the last seven days Greek has imposed capital controls, shut the banks, defaulted on a €1.6bn IMF loan, voted in a referendum to reject fresh financing from the Troika and lost its finance minister. Yet look at the euro; it is the third-best-performing major currency of the week.

Compare and contrast with the poor old New Zealand dollar. It faces no such existential risk yet investors have pushed it to a six-year low against sterling and a five-year low against the US dollar.

Their rationale is the decline in global dairy prices, which have been heading lower for four months and lead them to suspect that the Reserve Bank of New Zealand will feel the need to cut interest rates again.

Picking out a couple of the other winners and losers: the yen's popularity as a safe-haven took it to the head of the pack even though the euro remained resilient; the Swedish krona's fall resulted mainly from an unexpected rate cut by the central bank; the Loonie ran out of road when gross domestic product data showed Canada's economy shrinking for a fourth successive month; and the US dollar did relatively well despite disappointing employment and earnings figures.

In the coming week the most important statistic for sterling is arguably the NIESR estimate of second-quarter UK growth, which comes out on Tuesday. For the US dollar it will be the minutes of the Federal Reserve's last monetary policy meeting. For the euro it ought to be the resolution, one way or the other, of Greece's parlous financial situation, but experience suggests we will have to wait rather longer than that.