It could have been a winning week for the dollar. Just about everything went in its favour. US retail sales figures were stronger than expected. Consumer confidence was well ahead of forecast. Core inflation was on target at 2.1%. Crucially, a string of Federal Reserve leaders warned that interest rates are likely to go higher in the next couple of months. The minutes of last month's monetary policy meeting drove home that point, with the word "June" mentioned half a dozen times.

However, sterling was the overall winner. It took the lead after an opinion poll put the Remainers 18 points ahead of the Leavers for next month's EU referendum. And the pound increased its advantage the following day as a result of much better than expected UK retail sales data. So the dollar strengthened by a cent and three quarters against the euro but lost a cent and a half to the pound.