The marked strengthening of the dollar, evident over the second half of 2014, continued in the early part of 2015. The US currency gained around 11% against the euro and 6% versus sterling in the opening three months of the year, writes Oliver Mangan.

The euro has lost considerable ground since last spring as the persistence of very weak growth in the eurozone, coupled with a fall in inflation to very low levels, forced the ECB into further policy easing moves.

An angst-ridden Wall Street tried but failed to find stability today, with investors trying to determine whether an emergency interest rate cut would end the paralysis in credit markets.