While its antipodean cousins moved ahead the Canadian dollar was unable to make any headway against sterling, despite the pound's relatively weak performance. The two were unchanged on the week against one another but the Loonie added a third of a US cent. Last Friday morning the Canadian dollar did strengthen quite sharply against the pound - as did every other currency on the planet - when the provisional UK purchasing managers' indices were published. Both the manufacturing and services sector delivered readings below the 50 breakeven point, at 49.1 and 47.4 respectively. The numbers did not guarantee recession but that was where they pointed.

Canada's ecostats appeared all at once on Friday and they were not bad. Retail sales were strong again in May and "core" inflation remained at a healthy 2.1%. But there was no back-up and the Loonie spent the next four days coasting. Investors were not particularly selling it but they weren't buying it either.