The Canadian Dollar is the only major currency to have strengthened against the Pound over the last month, rising by 1.3%. With the exception of the South African Rand the Loonie was the top performer on the week as well, adding two thirds of a US cent and picking up nearly two cents against Sterling. Its gains were similar to those scored by the antipodean Dollars as investors moved from safe havens such as the Yen and the Swiss Franc into "riskier" assets.
The Canadian economic data were of no particular help to the Loonie and the Bank of Canada's statement was only cautiously optimistic when it held the benchmark interest rate at 0.5%. However, Sterling's supporters were taken aback by unexpected falls in UK manufacturing and industrial output. The pound's position was also hindered by renewed sabre-rattling about who must authorise the Article 50 process of leaving the European Union.