The dollar improved its position among the major currencies, beating sterling into second place by a fifth of a cent and taking a cent off the euro. Its upward progress against the euro was fairly steady as the single currency was rattled by political turmoil surrounding the French presidential election and the resurfacing of the Greek debt crisis. 

The dollar's movement against sterling was more erratic. A sharp and unexplained sell-off of the pound was followed in short order by an equally sharp rebound after MPC member Kristin Forbes said the economy "could soon suggest an increase in the Bank Rate".

For its part the dollar headed into the weekend on a high note after a couple of 'googlies' from the president. With one he capitulated to Beijing, telling President Xi that he does, after all, recognise the "one China" policy. In the other he promised a "phenomenal" announcement about tax in the next couple of weeks.