Energy- and commodity-related currencies were all held back by weakness in the prices for their exports. The Canadian dollar suffered less than some: it lost a cent on the week to sterling, alongside the Australian dollar. It was unchanged against the US dollar, which continues to be weighed down by the sensation of an impotent administration unable to pursue its legislative agenda. The Canadian economic data were not a problem: gross domestic product expanded by 0.6% in May, twice what the UK economy achieved in the whole of the second quarter.

Having got off to a good start sterling came off the rails on Thursday when the Bank of England published its quarterly Inflation Report. The governor warned that economic growth could slow further as inflation continues to outpace wage increases. His pessimistic assessment suggested that the bank will be in no hurry to increase interest rates: the first hike might not be until after Britain leaves the EU.