Without putting too much effort into it the Loonie found itself in the leading half of the major currency field. The Canadian ecostats were reasonable: last Friday's employment data indicated a fall in the rate of unemployment from 6.9% to 6.8% despite the loss of 700 jobs and housing starts picked up in June. The Bank of Canada helped the currency higher when it kept its benchmark interest rate steady at 0.5% and dismissed any idea that it was contemplating a cut. Overall the Loonie added two thirds of a US cent.

However, it lost four and three quarter cents to sterling, which was the week's strongest performer. The pound's first leg up was when Theresa May was installed as UK prime minister two months earlier than expected. Its second came when the Bank of England failed to deliver the rate cut that most investors had been anticipating.