The Loonie and the pound both had a mediocre week which left them unchanged against one another. Economic data from Canada were tolerable rather than scintillating. June's trade surplus was marginally wider than forecast, as were housing starts and building permits, but the Ivey purchasing managers' index pointed to a less vibrant private sector after it had been seasonally adjusted. The UK ecostats were no better: services sector activity appeared less robust and the CBI reported retail sales falling in February compared with the same month last year.

The only US figure of any consequence was ADP's employment change figure. It was stronger than expected, pointing to a solid figure this Friday for nonfarm payrolls. Investors took it as further confirmation that the Federal Reserve will indeed raise its benchmark Funds rate next Wednesday. As a result the Loonie weakened by two thirds of a US cent over the week.