Last week was not the busiest or most positive of weeks for US economic statistics. Industrial production, producer prices, housing starts and existing home sales exceeded investors' expectations; consumer confidence, building permits, inflation and the New York Fed's manufacturing index fell short.

Those numbers, taken together with the Federal Open Market Committee minutes and further downward pressure on commodities, energy, equities and emerging market currencies, made investors far less confident that the Federal Reserve will raise interest rates next month. An increase can still not be ruled out but it is no longer seen as a done deal. So although the dollar cannot exactly be said to have had a bad week (it gained against the Canadian and Australian dollars) it did lose three quarters of a cent to sterling and a cent and a quarter to the euro.