In an unusually subdued week for the FX market the dollar did not move far. It remained within a one-and-a-half-cent range against sterling and an even tighter one-cent range against the euro. Overall the dollar made net gains of a third of a cent against the pound and a quarter of a cent against the euro; not exactly the stuff of legend.

Economic data and events that would usually get things moving were met by shrugs from investors. Last Friday's US employment figures were, by the usual measures, disappointing: including downward revision to earlier months, April's increase in nonfarm payrolls was 59k fewer than expected. Yet investors decided that the pickup in wages growth balanced out the low jobs number. Even the Bank of England governor's warning that Britain's exit from the EU could trigger a recession was seen more as a positive for the Remain campaign than a negative for sterling.