Back in June the clear risk was that the UK's vote to leave the EU

would end up hitting the Eurozone economy harder even than the UK's,

and the Euro more than Sterling.

That hasn't quite worked out.

While focus has been elsewhere on the pound's plunge, the dollar's mood swings and the Yen's stop and ascent.

the common currency has cranked out a very respectable rally.

One Euro now buys around 86 pence, not far off the levels it hit

when the UK really landed in hot water in 2008.

That's enough to leave British holidaymakers choking on their sangria in the sun.

The currency's rallied by some 18% against the pound so far this year,

and the Brixit-inspired drop against the dollar in June has now evaporated almost entirely.

Now we have fresh preliminary data on the state of Eurozone businesses in August,

and it looks surprisingly rosy.

The latest Purchasing Managers' Index is only slightly higher, but, a win's a win.

And economists were expecting a slump.

It seems Eurozone businesses are really taking the Brexit vote in their stride.

And the growth rates could blow away expectations.

This log of data has already led JP Morgan to rethink what it sees as the next steps

for the European Central Bank.

It has scrapped its call for another rate cut, and thinks the Central Bank

would put off any expansion or extension of its bond-buying program.

Now, of course, that may end up being an isolated view, and moreover, it's Jackson Hole Week,

there's every chance that the Fed could pull the rug from under the Euro's rally

by firing up the buck with fresh talk of rate rises before the year is out.

But for now, the Euro is basking in the sunshine.