The Christmas break took two days out of what was always going to be a tedious week in the FX market. With many participants also taking three days' holiday, turnover was modest and liquidity thin. The only Australian economic statistics were for private sector credit in November. It increased by 0.5% on the month to a level 5.4% higher than a year earlier.

There were no prizes for the Aussie Dollar, which lost a fifth of a US cent on the week. It picked up three quarters of a cent against Sterling but most of the other major currencies picked up more. In calendar 2016 as a whole the Australian Dollar lost three quarters of a US cent and strengthened by just over 33 cents against the Pound. Sterling was the out-and-out loser, falling by an average of 17.6% against the other dozen most actively-traded currencies.