If it had ended on Thursday morning it would have been a good week for the dollar. Much of the credit for the dollar's early success went to Jerome Powell, the new chairman of the Federal Reserve. In the first of two appearance in Congress he left investors with the impression that his sleeves were rolled up to deliver three or maybe even four interest rate increases this year. In the second he toned down his enthusiasm but not by very much. On Thursday Donald Trump put the cat among the pigeons by announcing punitive tariffs on steel and aluminium imports. Share prices fell and the dollar dropped back, shaving its weekly gains to a quarter of cent against the euro and one and a half cents against sterling.
The pound was mired in talk of Brexit, with the leader of the opposition, the EC chairman and two former prime ministers going in to bat against the government's approach. Theresa May will present her own argument this Friday.