Although the US dollar had a better fortnight than its northern neighbour it did not do particularly well, losing two thirds of a cent to the euro and three and a quarter cents to sterling. It was not that investors became suddenly concerned about the US economy, more that they struggled to be enthusiastic about it. Jobs, inflation and retail sales data all failed to meet expectations. The White House is still banging the drum about tax cuts but, after the fiasco of the health care bill, the market will believe them when it sees them.

Sterling had its best result in ages after the British prime minister called an early general election. Investors are not quite sure what she will do with her perceived increased majority in the Commons but they are hopeful that it will strengthen her hand in the Brexit negotiations.