A range of less than a cent and a half covered the movement of sterling against the dollar. Eventually the pound booked an almost-invisible net gain of eight ticks while the dollar took a quarter of a cent off the euro. The pound started off well, extending the rally that had begun after Britain's Article 50 divorce letter had been delivered to Brussels. It was the result of investors covering more of their short positions.

Looking at the longer term, the week's most important development was the Federal Open Market Committee minutes. They spoke of beginning to run down the huge stock of bonds amassed by the Fed during its quantitative easing schemes. Investors inferred that this "balance sheet normalization" would mean fewer interest rate increases than they had previously bargained for. It did not affect the dollar too much though, because the Fed was vague about when it might begin.