The domestic concern this week in the United States centred on the Federal Reserve chairperson Janet Yellen and what story she might tell in her biannual testimony to Congress. In the event she continued to allow investors to expect, at the most, one interest rate increase this year. The global concern was Britain's EU referendum. On that matter, investors grew increasingly confident that it would deliver a Remain result. Their confidence helped sterling strengthen by five and a half cents in the six days to Thursday. The pound therefore came totally unglued when Britain voted to Leave, falling by 15 cents against the dollar. Absent a coordinated effort by the central banks the signs are that it will fall further.

The euro was also hurt by the Leave decision, which poses difficult questions for the EU. It was three US cents lower in the week while sterling took a net nine-cent whopping.