It was the Australian dollar's misfortune to deliver the week's most hopeless performance. The Aussie fell by -4% against the runaway leader, the Japanese yen, and by -1% against the US dollar. It lost -3.3% - six cents - to sterling, which led the field for four days on the trot after the US president expressed his strong wish to see Britain remain in the European Union.

Few Australian data emerged during the week but those that did were about inflation and they were wholly unhelpful to the Aussie. Consumer prices fell by -0.2% in the first quarter, having been expected to rise by 0.5%. The headline rate of inflation slowed from 1.7% to 1.3% and the Reserve Bank of Australia's pet measure, the "trimmed mean", was down from 2.1% to 1.7%. Investors saw the inflation slowdown as opening the door to an interest rate cut by the RBA.