With the exception of the South African rand, which is beset by economic and political woes, the Australian dollar has been the weakest performer over the last month, falling by -9.5% against sterling and by -7% against the US dollar. This week was not particularly unkind to it but it still lost two thirds of a US cent and fell by four cents against sterling.

That was not the fault of the Reserve Bank of Australia, which poured cold water on expectations of an imminent rate cut, or the Australian employment data, which were decent enough. But the US dollar had the advantage of warnings by the Federal Reserve that rates should go up in the next month or two. And the pound had the twin advantages of an opinion poll that showed Remainers pulling into the lead for next month's EU in/out referendum and UK data that showed retail sales rebounding strongly.