An upward turn in the Australian dollar's fortunes saw it become the top performer among the major currencies, strengthening by two thirds of a US cent and rising by three cents against sterling. It received some help from the economic data, which showed a strong 38.5k increase in employment and a decent improvement in retail sales. Of greatest help, though, was the Reserve Bank of Australia. Tuesday's RBA rate statement included nine of the usual bluster about the currency being overvalued and Friday's monetary policy statement appeared to rule out any chance of further rate cuts

Sterling looked alright until Thursday, when evidence emerged that the Bank of England is less eager for higher interest rates than previously thought. The apparent postponement of a UK rate increase from "around the turn of the year" to sometime in 2016 cost the pound two and a half cents