In a break with the usual pattern there was no cohesion between the commodity-related currencies. The NZ dollar put in the strongest performance of the week, the Canadian dollar was unchanged against sterling and the Australian dollar was down by a cent and a third. It was unchanged against the US dollar.

China was largely responsible for the Aussie's troubles. Tuesday's balance of trade data were quite horrid, with imports falling for a tenth consecutive month. In the year to September they were down by a thumping -17.7%. Whilst Canada and New Zealand also export to China, Australia's exposure to falling demand and falling prices is far greater. And the ecostats from Australia itself did the currency no favours. Whilst the 6.3% unemployment rate was a touch better than expected, the loss of 14k fulltime jobs and the -5k fall in overall employment were not.