With the exception of manufacturing shipments, which were up by 0.8% in June, and international securities investment flows, which saw a net $5bn inflow during the same month, there were no Canadian ecostats to enlighten investors. Over the seven days the Loonie was unchanged against sterling and both strengthened by 1.4% against the US dollar, though they followed different trajectories to achieve that result.
Sterling started badly, depressed by negative sentiment. Investors were selling the pound because it was going down and it was going down because they were selling it. It began to recover after Wednesday's stronger-than-expected UK employment data and put in a winning spurt the following day as a result of impressive retail sales data for July. The US dollar was held back by disillusionment about interest rates: A handful of Federal Reserve leaders spoke on the subject but none offered any worthwhile guidance on the timing of the next hike.