Despite the Dollar's Trump-inspired Bull Run its performance in calendar 2016 has only been a little better than average among the dozen most actively-traded currencies. It is up by 25 1/2 cents against the Pound, 17.1%, and it is just four cents higher against the Euro. 3.6%. Over the week the Dollar is a cent firmer against Sterling and a cent and a quarter lower against the Euro.

With the Christmas weekend getting in the way, a seasonally thin market and a shortage of tradable economic data there was little to stoke the Dollar's fire. Its sole bit of excitement came on Thursday night when it slumped 1.5% against the Euro. The downward spike (or more accurately the Euro's upward spike) appeared to have been caused by computerised trading models, which leapt in to buy the Euro when it broke up through $1.05. There was no follow-through and within a few hours the move had been neutralised.