Not much movement at the bottom
The pound rose more than 2.5% against the US dollar this week on hopes for a Brexit breakthrough or, at the very least, avoiding a no-deal Brexit. It could all fall apart in a hurry but the bounce in the pound shows how the risks have been tilted towards fear for too long.
At the bottom of the pile is the US dollar but that’s almost entirely due to the slump on Friday. It had been up near the top of the pack but was beaten up and will close out the week roughly on even terms with JPY, AUD, CAD and CHF.