It was not a bad run for the Aussie, which strengthened against most of the major currencies adding one and a third US cents and proportionally a little less than that against the euro. Since investor sentiment warmed once again to the Australian dollar in mid-May it has been trending higher and there was more of the same in the last seven days. Thursday's employment data were helpful, with the addition of 8k jobs in June and a big swing from part-time to full-time working.

Sterling had an even more successful week, strengthening by an average of 3.5% against the other dozen most actively-traded currencies. Its first break came when Theresa May became prime minister two months earlier than expected. It’s second occurred the following day when the Bank of England did not deliver the expected interest rate cut. As a result sterling was up by more than three Australian cents on the week.