With investors concentrating on US interest rates and the growing possibility that Greece could end up defaulting on its debts and leaving the euro, the Canadian dollar was not uppermost in their minds. The Loonie's low profile was helped by an almost total lack of Canadian economic data. Manufacturing shipments were down by -2.1% in April, wholesale sales increased by 1.9% in the same month and nobody cared.

So the Canadian dollar strengthened by half a cent against the US dollar as investors wound down their expectations for higher interest rates, and it lost three and a half cents to sterling, which was helped by acceleration in average earnings.

Ecostats will remain scarce in the coming week. The only figures from Canada will be the inflation data for May and there is virtually nothing from the UK. The important US numbers cover durable goods orders and revised first quarter growth.