The Australian economy did not have much to say for itself over the last seven days. Construction output and private capital expenditure (investment) both fell by more than expected in the first quarter of 2016: they were the only economic data of any note. Even so, the Aussie held up well against the US dollar, where it was unchanged on the week

The Australian dollar did not do so well against the British pound, losing a cent and a quarter. Sterling was supported once again by the perception of a continuing swing in sentiment towards a vote to Remain in the EU at next month's UK referendum. The Bank of England governor helped it along when he told parliament's Treasury Committee that "a vote to leave the EU could have material [adverse] economic effects". Investors saw his comments as supportive of the Remainers' argument and, thus, the pound.