The Aussie did not fare as badly as the Northern Scandinavian crowns but it was squarely in the back half of the field, losing two and a quarter US cents and more than one cent to sterling. It was not really hurt by a bigger-than-expected fall in Australian retail sales or by the Reserve Bank of Australia's emollient monetary policy statement. It was hurt, however, by a general exodus from "risky" currencies and a wide range of other assets. The move was sparked by stronger US earnings data, which appeared to raise the risk of inflation and higher US interest rates. It was positive for the "safe-haven" yen and Swiss franc and, to a lesser extent, for the Greenback itself.
Sterling received some help from guidance by the Bank of England governor that rate increases might come sooner and faster than previously thought. It still didn't have a great week though, falling by an average of 0.3%.