Last Friday's provisional figures for first quarter growth were disappointing in two directions: Britain's economy expanded by 0.3% in Q1, less than half the 0.7% clocked in the last three months of 2016, while the States managed just 0.2% growth. Both were easily beaten by the euro zone's 0.5% expansion. Because of that, and as a result of greater relaxation about Sunday's French presidential election, the dollar and the pound both lost out to the euro. They were down by -1.1% against the single currency and unchanged against one another.

As expected, the US Federal Reserve held back from raising interest rates. The Fed's statement did, however, keep alive investors' expectations that rates will go up at the next policy meeting on 13 June. And at least one more increase beyond that is expected this year. That expectation could give the dollar the edge in coming weeks.