The dollar was stronger on the week against sterling, as was every other major currency. It went up by the best part of a cent against the pound and was unchanged against the euro. There was nothing remarkable about the economic data either from Britain or the States. The US economy expanded by 1% in the second quarter, fractionally more than the expected 0.9%. Britain's grew by 0.7%, also in line with expectations, and technical adjustments added about half a percentage point of growth to the years 2011-13.

Central bankers shed little new light on the interest rate outlook. One Federal reserve boss said rates should go up this year, one said they shouldn't and three - including the Fed chairperson - studiously avoided the subject. The Bank of England governor was similarly silent on the matter when he gave a speech about the risks of climate change.