The Australian Dollar was one of the better performers of the week. Reading between the lines of the minutes of the last Reserve Bank of Australia meeting it would appear there is now less chance we will see a further interest rate cut this year. As always the RBA were keen to muddy the waters as they fear the AUD gaining too much strength but the subtle move towards a more neutral stance was enough for a 1.5% gain on the week.
Steady data releases from China during the course of the week leant further support with figures showing China's economy grew 6.7% in to the third quarter which was in-line with the market expectation, and going against a few pessimistic forecasts many had feared.
Although the pound bashing relented this week allowing a modest recovery, this strong AUD performance mean we end the week as we begun with no noticeable change.