None of the Commonwealth dollars had a great period last week. The Loonie suffered equally with the Australian dollar while the NZ dollar took rather more of a hammering. Overall the Canadian dollar fell by a cent and three quarters against sterling and it was down by one and a third US cents. It was basically a confidence thing

Two situations bothered investors. One was the long-running saga of Greece's solvency, which sank to new lows when it failed on Tuesday to make a scheduled €1.6bn repayment to the International Monetary Fund. The other worry was Chinese share prices, which fell by another 12% over the week. A home-grown problem for the Loonie was the gross domestic product data for April, which showed the economy shrinking for a fourth consecutive month.