The two big events in the dollar's week were last Friday's US employment report and Wednesday's interest rate announcement by the Federal Reserve. Both had been eagerly awaited and both were, ultimately, costly to the dollar. The strong rise in nonfarm payrolls, which beat forecast by a net 54k, was not impressive enough. The Fed's quarter-percentage-point rate increase had been so widely discounted that it came as an anticlimax when it was at last announced. So the dollar was the weakest among the major currencies, losing two cents to sterling and one and three quarters to the euro.

The euro's break came when the anti-everything Freedom party failed to do well in the Dutch general election and the single currency enjoyed a relief rally. The pound's came from Monetary Policy committee member Kristin Forbes, who unexpectedly voted to raise the Bank Rate at Thursday's meeting.