Another useful week for the Aussie began with last Friday's US employment data, which showed far fewer new jobs in May than investors had expected. The weak figure kicked into touch any idea of higher US interest rates this month and so was broadly positive for risk-appetite and the commodity-oriented currencies.

On Tuesday the Reserve Bank of Australia helped the Aussie along with its monetary policy statement. Most analysts had predicted that the RBA would leave its Cash Rate unchanged at 1.75% and that is indeed what it did. However, some had suspected that there might be a cut, or that the statement would include a hint at such a move in the future. Because there was neither, the Aussie went up. Over the week it gained one and three quarter US cents and strengthened by four and a half cents against sterling, which continues to be handicapped by the imminent EU referendum.