After doing well during the first half of the month all three of the Commonwealth "commodity" dollars - the Aussie, the Kiwi and the Loonie - came to a halt this week. In every case the apparent cause was the imminent UK referendum on EU membership, which has come to be seen as a threat not only to Britain but to the global economy as a whole. That world view was made clear when the central banks of the United States and Japan both cited it as a factor in their decisions not to alter monetary policy.

The week's few Canadian economic data were positive. An additional 14k jobs took the rate of unemployment down from 7.1% to 6.9% in May and April's manufacturing shipments increased by a bigger than expected 1.0% in April. Overall the Canadian dollar weakened by a dozen ticks against sterling and it lost half a US cent.