The dollar, which lost its safe-haven crown to the yen and the euro some time ago, gained ground against most of the other major currencies. It picked up a cent and a quarter against sterling and took a cent and three quarters off the euro. It did so despite the minutes of the last month's Federal Reserve policy meeting, which dampened expectations of higher interest rates.
It was a good week for equities, a good week for oil and a good week for energy- and commodity-related currencies. It was therefore a bad week for the safe-havens. There were no cold hard facts to justify the swing in sentiment, it was simply that investors figured that their previous bearishness had been overdone. Sterling ploughed its own lonely furrow, weakening on most fronts. In large part that was because of uncertainty created by today's European Council meeting that will allegedly decide Britain’s future in the EU.