There was a strong correlation between the currencies in Europe and those in the New World: The US and Canadian dollars, the euro and the British pound were unchanged on the week against one another, having covered ranges of less than a cent and a half. The lack of net movement was more by accident than design but in each case it was a matter of investors not lining up to buy any of them. 

Sterling's issue was an outlying opinion poll that pointed to no party winning an overall majority at Thursday's general election. The US dollar's was a waning belief that Donald Trump will be able to get any of stimulative measures through Congress. News that Canada's economy expanded at an annual pace of 3.7% (0.9% QoQ and the fasted in G7) in the first quarter failed to energise investors because they had been expecting an even stronger figure.