Investors paid little attention to the economic data coming out of the States. Their focus was squarely on the White House, where Donald Trump was coming to the end of his first 100 days as president and was keen to come up with something to mark the occasion. He did, imposing a 20% tax on softwood imported from Canada and "the biggest tax cut in history" that is supposed to help small businesses and middle class incomes. The president also said that he will not, after all, kill the North American Free Trade Agreement.

None of these did much for the dollar. Although the tax reforms would probably be positive for the currency, investors have little or no confidence that they can be steered through a Republican Congress that is resistant to increased borrowing. So the dollar lost more than a cent on the week to sterling and one and a half cents to the euro.