With investors concentrating on US interest rates and the growing possibility that Greece could end up defaulting on its debts and leaving the euro, the Australian dollar was not uppermost in their minds. 

The Aussie's low profile was helped by an almost total lack of Australian economic data. New vehicle sales fell by -1.3% in May, the Westpac leading index for the same month was -0.1% and that was the extent of it.

That did not prevent the Aussie from bouncing around though. Among the major currencies it put in the worst performance last Tuesday and came top on Monday and Thursday. All three of those achievements owed more to chance than to the economic fundamentals. Overall the Australian dollar strengthened by a third of a US cent and lost three and a half cents to the week's top performer, sterling.