The only two US ecostats that really mattered were retail sales and the consumer price index and neither of them looked very good from the dollar's point of view. Sales were down by a monthly -0.3% and inflation slowed from 2.2% to 1.9%. Still, neither of them deterred the Federal Reserve from delivering the promised quarter-percentage-point interest rate increase.

The dollar went up by two thirds of a cent against the euro and it was unchanged against the British pound, which did fairly well following the beating it took in the immediate aftermath of the general election. Slower UK wage growth and falling retail sales might have done for it had not three members of the Monetary Policy Committee voted for higher interest rates at Thursday's meeting. No immediate increase is likely but the tilt is now apparently in that direction.