Considering the factors working against it the dollar had a reasonably good week: It was steady against the euro and 0.9% firmer against the pound. Among the ecostats that investors were able to forgive were a serious shortfall in payroll numbers, a larger-than-expected trade deficit and disappointing purchasing managers' index readings. At the non-statistical level investors were not apparently worried by the president taking sides in the political spat between Qatar and Saudi Arabia nor by the erstwhile head of the FBI calling him a liar in Congress.

The pound was having a reasonably good week too, until Thursday night. Investors were persuaded by the opinion pollsters that the Conservatives would win a working majority at the general election. But then the exit polls came out and they marked sterling down immediately. They were decidedly unimpressed that another prime minster was facing the self-inflicted wound just as Brexit negations were about to begin.