A combination of factors led investors to lean away from the supposedly risky commodity-related currencies and towards those perceived as offering a safe haven. One of the considerations was a change in expectations for the US interest rate outlook, which arose after a series of Federal Reserve leaders spoke publicly of a possible rate increase next month.
Another factor was a swerve towards risk-aversion, not least as a result of the horrifying terrorist attacks in Belgium. There was nothing among the few Australian ecostats to affect the Aussie, which lost a net one and a half US cents over the shortened pre-Easter week.
The Australian dollar did far better against sterling, strengthening by a cent and a quarter against the week's back-marker. Already weighed down by fears that Britain could leave the European Union, the pound lurched lower after those concerns were magnified by the Brussels bombings.