In the end the Loonie was unchanged on the week against the US dollar and the euro but it had a couple of moments on the way. The Ivey purchasing managers' index, a barometer of private sector business activity in Canada, fell nine points at 53.8 and building permits were down for a third month. What really hurt it was the Energy Information Administration's weekly stock-take of US oil reserves. They had increased by 3.3m bbl, almost exactly the opposite of what the market had expected. The news knocked -3.5% off oil prices and -0.8% off the Loonie.

Sterling was looking alright until Thursday night, helped by opinion polls that pointed mostly towards a working majority for the Conservatives following the general election. That confidence was crushed by the exit polls that came out after the voting had finished. Investors did not fancy the idea of a hung parliament and they left the pound -0.8% lower on the week.