For the Aussie the two most striking moves were the way it strengthened last Thursday and weakened a couple of days later. The upward move was prompted by an unexpectedly strong set of Australian employment figures. The subsequent decline, which gave back most of the gain, came ironically after the Reserve Bank of Australia expressed concern about the labour market. Over the fortnight the Aussie was unchanged against the US dollar and it lost four and a half cents to sterling.

The pound's success - an average gain of 2% over the two weeks - came after the British prime minister called an early general election. Investors believe she will win comfortably with a commanding majority in the Commons. It will strengthen her hand in the forthcoming Brexit negotiations and so, they hope, allow her to come away from Brussels with a better deal.