Given an equal break the Loonie might have been able to keep pace with its antipodean cousin, the NZ dollar, which took a close second place to the resurgent pound. In the event, it had to settle for a third, two thirds of a cent down against sterling but still up by more than one US cent. It was the US employment data that knocked it back. Stronger than expected Canadian jobs numbers were outweighed by a 130k shortfall in US nonfarm payrolls. The other Canadian data did not add anything to the debate.

Investor overcame their disappointment at the mostly mediocre UK ecostats. Apart from a narrowing of the trade deficit, the rest of the data - for production, growth and house prices - failed to meet expectations. However, a US bank analysts pointed out that sterling has strengthened against the US dollar in every April for the last 14 years.