The Aussie was stronger on the week against sterling, as was every other major currency. It went up by almost two cents against the pound and by a quarter of a cent against the US dollar. None of the commodity-oriented currencies had a good start to the week. Investors were already twitchy about the situation at Volkswagen and their nervousness increased when a bank published a scathing assessment of Glencore, a mining and trading firm, knocking its shares down by nearly a third and denting global equity markets.
The following day Glencore's stock rebounded, as did global share prices. Investors forgot their anxiety and piled back into the commodity dollars. In the end the NZ dollar emerged as the week's top-performing major currency and the Australian dollar took third place behind the Canadian dollar. But be prepared for renewed gyrations in the coming week if there are any fresh scares.