Except for the minutes of the Reserve Bank of Australia policy meeting, which were interpreted differently by different analysts, the Aussie drifted through most of the week reacting to events elsewhere. It gained ground against the US dollar, which was hampered by fading rate hike expectations, and moved lower against sterling, which was pushing ahead on the growing assumption that Britain would vote to Remain in the EU.

The Leave vote brought chaos to global financial markets on Friday morning. A flight to safety by investors sent the haven currencies and the commodity-oriented currencies in opposite directions; the US dollar was one of the beneficiaries and the Aussie one of the losers. The biggest loser was the pound, which suffered its biggest-ever daily decline. On the week the Aussie is down by half a US cent and it is ten and a half cents firmer against sterling.