Among the major currencies sterling was the biggest loser. Even to start with, investors were none too keen on it but they really took flight when a speech by the Bank of England governor pushed back even further expectations for higher UK interest rates. As a result, although the Loonie was able to make no forward progress during the first half of the week its late charge took it four and a half cents higher against sterling and it picked up half a US cent.

Other central banks also helped the Loonie ahead. Hints from the European Central Bank and the Bank of Japan that they were considering increased monetary stimulation were positive for all the commodity-oriented currencies, as they were for global equity prices. The Bank of Canada's contribution was to leave its benchmark interest rate unchanged at 0.5%. Many investors had suspected there might be a cut to 0.25% and when it failed to materialise the Canadian dollar enjoyed a relief rally.