It was a fairly ordinary week for the Aussie, which was on average unchanged against the other dozen most actively-traded currencies. It took half a cent off the US dollar and went up by the thick end of two cents against sterling. There were no hugely important Australian economic statistics, which was perhaps just as well because many of those that did appear fell short of forecast, notably new home sales, manufacturing activity and building permits.
Sterling was never going to have an ordinary week. All eyes were on the Bank of England, which was expected to raise interest rates for the first time in a decade. It did precisely that on Thursday, taking Bank Rate up to 0.5%, and sterling tanked. First, investors tried to take the profits they should have taken ahead of the event; second, the bank made it abundantly clear that no further increase will be forthcoming.