Among the major currencies the winners were the US dollar and the British pound, with the Australian dollar not far behind. The Canadian dollar was among the back-markers, alongside the NZ dollar and the euro. The specific link between the three leaders was strong national employment data. 

Last Friday's US figures, which showed the number of people on nonfarm payrolls increasing by far more than expected, sent the Aussie (and the Kiwi) sharply lower, the logic being that more jobs mean more chance of a rate increase next month. The Aussie got its own back on Thursday, when figures showing Australian unemployment falling to 5.9% with the addition of 58.6k new jobs sent it sharply higher.

That still left the Australian dollar a third of a cent lower on the week against sterling and down by a dozen ticks against the US dollar. However, the damage was far less than that done to the other Commonwealth dollars.