Less than a week after first quarter growth in the UK was marked down from 0.3% to 0.2%, in the States it was upwardly revised from 0.2% to 0.3%, making Britain's economy the weakest among G7 countries. There were other trials for sterling too, notably an opinion poll predicting a hung parliament after Thursday's general election.
After an initially negative reaction to the news sterling recovered: investors saw it as a rogue poll and continued to believe in a Conservative majority. Overall the pound was unchanged on the week against the dollar, as were the Canadian dollar and the Japanese yen. Despite slowing inflation in Europe and North America investors continue to expect the Federal Reserve to deliver an interest rate increase when the policy committee meets in a fortnight's time. Beyond that they see less than a 50/50 chance of a third rate hike this year.