It was a difficult week for the Australian dollar, which got caught up in a broad move away from "risky" commodity-related currencies. Although it did nothing particularly wrong the Aussie managed to come away with the worst possible result, losing ground to all the major currencies. It lost two thirds of a US cent and fell by three cents against the pound. Other than a 7.7% annual rise for house prices there were no Australian data to inspire investors.

Sterling tripped on Monday when the prime minister said she would activate the Article 50 Brexit process on 29 March. It recovered strongly two days later after UK inflation came in quite a bit higher than expected at 2.3%. Although there can be no suggestion that the above-target rate might prompt a rate increase from the Bank of England, at least it suggests that the MPC's thinking may be leaning in that direction.