Having spent the previous week moving in opposite directions the antipodean dollars fell back into step during the last seven days. They were the top performers among the major currencies, strengthening by 1.9% against the US dollar and by 2.7% against sterling. The Aussie received particular help from the economic data, which showed the Australian economy expanding by 0.3% in the first quarter. The numbers mean that at the end of this month Australia will have avoided recession for 26 years
As the week went by investors became more comfortable with the story told by most opinion polls; that the general election would provide the Conservative party with a workable majority in the Commons. When it failed to do so they sharply marked down the pound. A hung parliament is about as far from strong and stable as it is possible to get.