The dollar was very much the passenger in a market that was driven by Britain's Brexit referendum and the reaction to that vote. It failed to live up to the promise it had shown before breakfast last Friday as the referendum result became known. That was because, after the initial shock had worn off and some calm had returned to the market, investors rediscovered some of their appetite for risk.

They also came to the conclusion that the uncertainty about Brexit would force the Federal Reserve to put off until next year its plans for higher interest rates. The prospect of that postponement took away the carrot that had previously encouraged dollar buyers. The dollar did move higher on the week against sterling but only by a third of a cent. It lost a cent and a half to the euro and was lower against the Canadian and antipodean dollars.