Although the Japanese yen was the top-performing major currency last week the dollar came in a comfortable second, strengthening by a cent and a quarter against sterling and by a cent against the euro. To an extent investors were buying it for its safe-haven qualities, as Greece tottered towards the referendum on Sunday that could have resulted in its departure from the euro, but there were also some decent US economic data to help it along.
Last Wednesday was the dollar's best day, thanks to the ADP employment change figure and the purchasing managers' index from the manufacturing sector. One showed more than the expected number of people in work; the other pointed to a faster acceleration in private sector business activity. Last Thursday's official payrolls numbers fell short of forecast by 70k but were only briefly damaging to the dollar. This week's performance will have a lot to do with the Greek referendum result.