It was an average week for the Aussie, with a gain of two thirds of a US cent and a loss of one euro cent. On the domestic economic front there was support from a narrower trade deficit as exports increased and imports fell in September. The Reserve Bank of Australia also did its bit, leaving the Cash Rate unchanged at 1.5% and dropping no hints of future rate cuts. Working against the Aussie was the tinge of nervousness resulting from Donald Trump's improved standing in the US opinion polls.
Sterling had a good week, adding more than two Australian cents. Upgraded growth forecasts from the Bank of England and the high court's verdict on the activation of the Article 50 process to leave the EU left investors more upbeat about Britain's economic outlook. The idea is that Brexit will be less onerous if Article 50 requires parliament's approval.