Stephen Poloz, the Bank of Canada governor, was again this week doing his best to talk the Loonie down. As is so often the case, he was unsuccessful: the Canadian dollar eventually strengthened by half a US cent and it went up by a cent and a half against sterling. There were no dodgy Canadian economic data to back up Mr Poloz's naysaying: gross domestic product expanded by 0.4% in December and manufacturers reported growing activity in January.

More importantly, the new US administration was doing a far better job of depressing the Greenback, both by its words and actions. Investors have come to the conclusion that "strong dollar policy" of the last two decades has been abandoned. The Bank of England governor was not obviously trying to talk down the pound when he dismissed the idea of an interest rate increase but that is what he managed to do.