Last Friday week’s consumer price index data were marginally helpful to the dollar. They showed inflation ticking up to 0.1% after five months at or below zero.  For sure, 0.1% inflation is not going to light a fire under the Federal Reserve policy-setters but it was a step in the right direction and investors still expect the Fed to take interest rates higher before the end of the year. 

Nevertheless, following the CPI figures the dollar had little to say for itself and no Federal Reserve worthies spoke up in its support. It was overshadowed by the euro, not because things were going staggering well in Euroland but because they had stopped going wrong in Greece, at least for the time being. The dollar eventually lost three quarters of a cent to the euro and it strengthened by a cent and a quarter against the pound.