The highlight of the dollar's week was supposed to be the minutes of the Federal Open Market Committee meeting that took place last month. Investors were hoping it would hint at the timetable for "policy normalization", the winding down of the $4.5 trillion portfolio of mostly government bonds built up by the Fed during the quantitative easing era. It did not and, if anything, it cast doubt on the FOMC's eagerness to push ahead with that process.

Even so, the dollar had a reasonably successful week. It added half a cent against sterling and a quarter of a cent against the euro. The Independence Day holiday on 4 July had a dampening effect on activity: many market participants also took an extra day or two off work. Economic data from the States tended to be better than those from Britain. A particular disappointment was that UK growth in the first quarter was not upwardly revised form the 0.2% reported previously.