All three of the Commonwealth commodity Dollars - the Aussie, the Kiwi and the Loonie - failed to keep up with the lumbering pound. The Canadian Dollar was almost on the pace but the Aussie lost a cent and three quarters on the week to Sterling and was down by one and a half US cents. The Pound itself was having a difficult week, falling by an average of -0.8% against the other dozen most actively-traded currencies, and the Aussie had an even tougher time.
The main problem for the Australian Dollar was that investors were moving towards the safety of the Yen, the Euro and the Swiss Franc and away from supposedly riskier investments. There were no domestic economic data to hamper the Aussie. Its only fundamental handicap was the minutes of the Reserve Bank of Australia's policy discussion, which implied that further rate cuts could come if more stimulus were to be needed.