The dollar was just about unchanged against the euro and the Swiss franc and it lost an insignificant fifth of a Japanese yen, representing a fall of -0.2%. It lost three quarters of a cent to the pound, which was helped by growing confidence among investors that Britain will vote to Remain in the EU at next month's referendum.

Federal Reserve bosses were out in force: Hardly a day went by without one or more of the regional presidents standing up to warn that the next interest rate rise might come as soon as next month. A couple of them even said there could be two or three rate hikes this year. Even so, financial futures pricing indicates only a 26% chance of a June increase. Therefore, whereas in the past that rhetoric from the Fed would have sent the dollar higher, last week it only served to keep it steady.