Federal Reserve chairperson Janet Yellen stoked the market’s concern on Wednesday when she as good as admitted that US interest rates might not, after all, be heading higher this year. Having strengthened last Friday on news that US unemployment had fallen to an eight-year low, the dollar retreated following Ms Yellen's testimony to Congress. On the week it was down by a cent against the euro and nearly a cent firmer against the benighted pound.

Having strengthened last Friday on news that US unemployment had fallen to an eight-year low, the dollar retreated following Ms Yellen's testimony to Congress. On the week it was down by a cent against the euro and nearly a cent firmer against the benighted pound.