There was no competition for the US dollar, which led the major currency field by a street and dealt the yen a crushing 3% blow. It picked up a cent and two thirds against sterling and took nearly two cents off the euro.
The US economic data were few and mostly unremarkable. Inflation was in line with the consensus forecast at 1.7%. Retail Sales went up in November but only just. Industrial production was down by -0.4% for that month, double the expected decline. Nevertheless the dollar prospered after the Federal Reserve raised interest rates for only the second time in a decade. It was not the rate hike itself that did the job: everyone had been expecting it. But the Fed's economic projections made it look likely that there will be three more increases next year instead of the two that investors had been counting on until this week.