Among the commodity-related currencies the Loonie did better than most, losing a fifth of a cent to sterling and one and a quarter US cents. It was a messy week for all. Investors were thrown into confusion by last Friday night's coup d'état in Turkey and were not wholly reassured by news that it had been unsuccessful. The initial flight to safety was positive for the US dollar and the Greenback continued its rise for the rest of the week. Apart from a healthy 1.8% monthly increase for wholesale sales there were no other Canadian data to help things along and a two-month low for oil prices was distinctly unhelpful.

Sterling had a roller-coaster ride: it was hurt last Friday by the Bank of England chief economist's call for lower rates and more quantitative easing and helped on Wednesday by stronger-than-expected UK employment data.