The Canadian dollar and the British pound kept each another company over last week. They were unchanged against one another on the week and both lost ground to the US dollar, the Loonie falling by three quarters of a US cent. There was no particular rhyme or reason to it: Last Wednesday the two put in the weakest performance among the major currencies and the following day they shared first place.

Last Friday week the Canadian consumer price index figures were positive for the Loonie. Headline inflation accelerated to 0.9% and the Bank of Canada's "core" rate, which ignores the cost of fruit and veg, energy and mortgage interest, was higher than expected at 2.2%. The picture was spoiled, though, by an unexpected -0.6% monthly fall in retail sales. There are no important Canadian ecostats on the coming week's agenda.