Last week was a mixed week for both the antipodean dollars. The Aussie did not do quite as well as the NZ dollar but it still managed to strengthen by half a cent against sterling. It was less successful against the US dollar, losing half a cent.

With almost every currency investors were driven more by sentiment than by the economic statistics and, anyway, Australian data were few and far between. House prices rose more slowly in the first quarter of the year, going up by 1.6% to put them 6.9% higher on the year. And that was it.

The coming week's ecostat agenda is considerably busier, with new home sales, retail sales and the balance of trade as well as a couple of purchasing managers' index readings. Even so, sentiment is still likely to be a more important factor than the economic data.