An almost ecostat-free week provided investors with little to distinguish the Canadian dollar from its commodity-oriented namesakes in Australia and New Zealand. The three were all fractionally higher on the week against sterling, the Loonie adding two fifths of a cent, and about half a cent higher against the US dollar. Investors' main focus during the week was on Washington, where one misfortune after another piled up around the White House. The worsening situation cast growing doubt on the ability of the US administration to deliver the deregulation and tax cuts that had fed enthusiasm for the Loonie, the Aussie and the Kiwi.

Sterling did not have a particularly good week either. Strong UK retail sales data for April briefly removed the downward pressure but when the pound got above US$1.30 the buying stalled and a round of profit-taking quickly undid its gains.