The poor old Loonie had another rough week, losing nearly one US cent and falling by three and a half cents against sterling. Some if that was its own fault: inflation slowed from 2.0% to 1.6% in March and both retail and wholesale sales fell in February. But most of the Canadian dollar's troubles were rooted in the United States; the White House, to be precise. First Donald Trump announced a 20% import duty on Canadian softwood. Then it was reported that he would scrap the North American Free Trade Agreement. Mr Trump later made clear that he would not dismantle NAFTA "at this time" but the damage was done.

Sterling had quite a successful week, taking third place among the major currencies with an average gain of 1.2%. It did so despite some lacklustre UK economic data, including a -1.8% monthly fall in retail sales.