With the exception of the US employment report last Friday there was a general shortage of significant economic data to affect the major currencies. In Canada's case the ecostats showed a fall in building permits, a slight narrowing of the trade surplus and a slower pace of growth in the private sector. None of them had much effect on the value of the Loonie but it did react to swings in the price of oil, first weakening then staging comeback. Overall the Canadian dollar lost two thirds of a US cent and went down by more than a cent against sterling. It was unchanged against the euro.

Investors' minds were mostly elsewhere, for there were plenty of distractions from the White House, the euro zone and Britain: Political spats in Paris and Athens troubled the euro and sterling was helped by talk of higher interest rates. The Greenback won out after the president talked of a "phenomenal" announcement about tax in the next couple of weeks.