There is a tide in the affairs of men, Shakespeare said, which taken at the flood leads on to fortune. A tide in world markets that had lasted since 2000 seems to have reached its flood. Now it appears to be retreating, taking with it many assumptions.

Last week saw a huge shift in foreign exchange, with big sales of the euro and commodity-backed currencies. That looks to have ended an extended period when it was safe to bet against the dollar. On a trade-weighted basis, the dollar is at its strongest in almost six months and has gained almost 8 per cent since hitting a low in March.