Neither Canada nor Britain had a great deal to say for itself when it came to hard economic statistics. Both were hurt by unexpected falls in retail sales and for the Loonie that was where the story began and ended. It lost a net quarter of a cent to the US dollar and fell by nearly a cent and a quarter against the pound. The Canadian dollar gained no advantage from an upward tilt in oil prices.

An upward revision, from 0.6% to 0.7% in fourth quarter UK economic growth did nothing for the pound because it was offset by a -1.0% decline in business investment. Sterling had an adventurous week, leading the field on three of the five days and trailing it on the other two. Retail sales aside, the moves were mainly the result of sentiment and technical factors. They nevertheless resulted in an overall win for the pound.