None of the Commonwealth dollars had a great period last week. The Aussie suffered equally with the Canadian dollar while the NZ dollar took rather more of a hammering. Overall the Australian dollar fell by a cent and three quarters against sterling and it was down by one and a quarter US cents. It was basically a confidence thing.

Two situations bothered investors. One was the long-running saga of Greece's solvency, which sank to new lows when it failed on Tuesday to make a scheduled €1.6bn repayment to the International Monetary Fund. The other worry was Chinese share prices, which fell by another 12% over the week. A home-grown problem for the Aussie was the retail sales data for May, which were much weaker than expected.