After losing out to the NZ dollar for more than a month the Aussie turned a corner at the weekend and strengthened by 2% over the seven days. It was mainly interest rates that accounted for the move. The Reserve Bank of Australia board minutes seemed to dismiss the possibility of any further interest rate cuts while a statement by the Reserve Bank of New Zealand said "further easing will be required" if the economy needs it.

Meanwhile the pound was under pressure from the prospect of its own rate cut and it was taking flak from a step-up in the rhetoric surround Britain's exit from the EU. The chancellor does not believe the country can remain in the single market and talk of a "hard Brexit" worried investors. The Aussie put in one of the best performances against sterling, picking up more than five cents. It also added a little over one US cent.