The Australian dollar's supporters became excited in the middle of the week when the currency briefly broke above its October high, touching a level not seen since July. Unfortunately for them, there was no follow-through and the Aussie ran out of steam. It still had a good week overall though, strengthening by a net third of a US cent and adding more than three and a half cents against sterling to become the top performer among the major currencies.

The only important Australian statistic was the -9.2% quarterly fall in private capital expenditure, which was unhelpful to the Aussie but did no lasting damage. The Reserve Bank of Australia governor was vaguely helpful to it when he get through an entire speech without talking his currency down. The coming week will be more interesting on the ecostat front, with figures for October's balance of trade and third quarter growth.