A classic game of two halves saw the Dollar first weaken by two US cents and then claw them back for a net weekly gain of a quarter of a cent against Sterling. It fared better against the Euro, picking up two thirds of a cent. Last Friday's US employment report was slightly confusing for investors: unemployment fell to a nine-year low of 4.6% as 178k new jobs were created but at the same time average wages fell by -0.1%. The two measures usually move in opposite directions as demand for labour pulls wages higher.

Sterling started out well but eventually succumbed to a combination of weak economic data and Brexit sabre-rattling. When investors saw unexpected monthly falls in UK manufacturing and industrial production they forgot about the decent purchasing managers' index readings for the construction and services sectors that had gone before. Re-emerging jitters about Brexit did not help Sterling's case.