At the beginning of the week investors were confident that Hillary Clinton would win the US election. On Wednesday morning the growing realisation that Donald Trump would be the next president put the cat among the pigeons. Investors' first reaction was to sell the dollar, along with equities and commodity-related currencies.  

Their second, which followed very quickly, was to buy them on the assumption that Mr Trump's policies - as far as they are known - would be positive for business. They would also be positive for inflation and investors remain confident of Federal Reserve rate hike next month.

On the week the dollar is up by a cent and three quarters against the euro but it is more than a cent lower against sterling. The pound was the major-currency winner for a second week, strengthening by an average of 2.5%. Brexit is no longer the only black swan in town: Mr Trump's victory has even greater global implications.