The Canadian dollar strengthened against sterling but of itself that was no great achievement: all the other major currencies did too. The pound was put to flight by the re-emergence of Brexit uncertainty last Friday. The chancellor conceded that Britain would be unlikely to remain in the single market, the EU president said the Article 50 process would start early next year and the expression "hard Brexit" was bandied around. Overall sterling lost more than three and a half Canadian cents on the week.

The Loonie had less success against the US dollar, picking up just half a cent. It received help from the Federal Reserve's failure to increase US interest rates but the Canadian economic statistics, such as they were, were lacklustre: Manufacturing shipments in July rose by a miniscule 0.1% and wholesale sales were not much more vibrant.