Pound's unexpected robustness may point to underlying strength | Patrick Collinson

Despite UK 'turmoil', sterling has never been more stable against the euro

The UK is, President Trump kindly informs us, in turmoil. In Westminster, there is feverish talk of a leadership challenge. The economy is in a state of peak Brexit uncertainty. The trade deficit has worsened yet again. An increasingly bitter trade war is battering Britain's FTSE-quoted commodity giants.

In the past, sterling, as the barometer of the nation's international standing, would have collapsed in value in such a crisis. Yet for the last year the pound-euro rate has never been more stable.