In a week during which the European currencies showed the way the Australian dollar was back among the also-rans. Sterling still had the general election wind behind it and the euro rebounded strongly after the first round of the French presidential election. The US dollar put in no better than an average performance despite Donald Trump's announcement of "the biggest tax cut in history".

The only Australian economic data related to inflation. Consumer prices rose by 2.1% in the year to March, a faster pace of increase than the 1.5% reported three months earlier but less than the 2.2% forecast by analysts. The news put the skids under the Aussie, which until that point had been looking reasonably steady. It lost a net two and three quarter cents to sterling and half a US cent. The pound had a good week, strengthening by an average of 1.2% despite disappointing UK retail sales data.