The dollar's movements were driven largely by events in the euro zone. At the start of last week it was in demand as a safe haven because of the referendum called by the Greek government. Greece's prime minister called on his people to vote No to proposals put forward by the country's creditors. They did so in resounding fashion, threatening the exit of Greece from the euro. Then the horse-trading began and Greece eventually put forward proposals of its own, almost identical to the ones rejected by the people. Seeing an agreement at hand the mood of investors lightened and they saw less need to take cover in the dollar.

So the dollar went up, then down, and was eventually unchanged against the euro. It did better against sterling, adding two cents. If there is indeed an agreement on Greece the dollar will probably lose ground this week.