The Australian and NZ dollars were both left in the dust by the Japanese yen but in second and third place they were well ahead of the other major currencies. The Aussie had to settle for bronze, strengthening by nearly two cents against sterling and adding half a US cent. Success did not come easily: the Aussie went on the retreat on Tuesday and Wednesday before getting back into the saddle on Wednesday. Its performance was dictated by external factors: the only Australian ecostats were Wednesday’s inflation data, in which the Reserve Bank of Australia's "trimmed mean" was unchanged at 1.7%.

increased the likelihood of an interest rate cut by the Bank of England in August. In the States it was the Federal Reserve, whose monetary policy statement gave no sign of any urgency to increase rates.