The single currency fell to its most affordable levels in seven weeks against the dollar. The ECB released the minutes from its last meeting which struck a starkly different tone than the Fed’s a day earlier. While the Fed appears closer than previously thought to raising interest rates, the ECB on the other hand reiterated a resolve to implement the full dose of its monetary medicine of negative interest rates and bond purchases.

Sterling

The tenacious pound of late motored to February highs overall, and to its strongest in a couple weeks against the otherwise stronger US currency. A poll showing a substantial 18 percentage point lead for the camp that wants Britain to vote next month to remain in the EU has helped tamp down sterling negativity and uncertainty. It also helped that UK consumers spent more lavishly than expected, with retail sales up a solid 1.3 per cent in April, above forecasts of a 0.5 per cent rise.

US dollar

Close-to-forecast US data was enough to keep the dollar camped near fresh peaks – its strongest in six and seven weeks against the loonie and euro, respectively. Weekly jobless claims improved by 16,000, falling to 278,000 in the latest period, near expectations of 275,000. The Philly Fed index of mid-Atlantic manufacturing unexpectedly contracted, albeit shallowly, with a minus 1.8 reading in May. The dollar stands to gain as markets digest this week’s hawkish Fed minutes which have seen rate hike expectations drastically pulled forward.