A vaguely useful week for the dollar took it two cents higher against sterling and it added half a cent against the euro. The economic data from the United States were mostly respectable as, indeed, were those from the UK. Each reported better than expected retail sales in May and in both countries inflation came in a tick lower than forecast; for the States it was 1.0% and for Britain 0.3%.

Two topics overshadowed the ecostats, to the extent that the data were all but ignored by investors. One was the Federal Reserve's decision to leave interest rates unchanged; the other was next week's UK referendum on continued membership of the EU. The Fed chairperson's specific mention of the referendum in her press conference, as a factor in the no-change decision, was symptomatic of a growing perception that Britain's exit from the EU would have economic ramifications far beyond the Channel.