It was a better week for the Australian dollar, and not only because sterling was having a 'mare. The Aussie strengthened by a dozen ticks against the US dollar and did even better against the Canadian dollar and the euro. It was not an entirely trouble-free run though. Not all of the Australian ecostats met up to investors' expectations. Those that did were building permits and first quarter growth, which came in at a highly-respectable 1.1%.
However, new home sales and retail sales fell short of forecast and, for the moment at least, investors are more inclined to punish the Aussie for failure than they are to reward it for achievement. Nevertheless the Australian dollar was able to strengthen by four cents, 2%, against sterling. The pound tanked after an opinion poll unexpectedly gave Leave a four-point lead over Remain in the EU referendum.