Other than unfounded rumours of a deal between the oil-producing nations there were no cold hard facts to justify the swing in sentiment: it was simply that investors figured that their previous bearishness had been overdone. Sterling ploughed its own lonely furrow, weakening on most fronts. In large part that was because of uncertainty created by today's European Council meeting that will allegedly decide Britain’s future in the EU.

The Loonie did not fare as well as the South African rand but it took second place for the week, strengthening by one US cent and going up by four cents against the British pound. Its gains were entirely down to sentiment and the higher price of oil.