Blame for the dollar's poignant hero-to-zero performance can be laid squarely at the door of the Federal Reserve. During the week before Easter regional Fed presidents lined up to reassure investors that it was still game-on for higher interest rates this year, maybe as soon as this month, encouraging them to make the dollar was the top-performing major currency.

In the week just ended the Fed chairperson's talk of uncertainty and caution was totally at odds with her hawkish minions, leading investors to think that only one rate increase was on the cards for 2016 and that even that might not materialise. Investors therefore sent the dollar to the back of the field.

Over the nine days it weakened by two and a quarter cents against sterling and a proportionally-similar two cents against the euro. In the year to date it has gained five cents from sterling and lost four and a half to the euro.