Energy and metals prices all moved lower over the week, hurting the currencies of commodity-exporting countries. The price of iron ore, one of Australia's main exports, was down by -8%, leaving it -15% below its level three months ago. The jury is out on whether or not this is merely a glitch or if it represents a structural shift. Either way, it was bad news for the Aussie. It lost two and a quarter cents - 1.3% - to sterling and suffered a proportionally-similar loss against the US dollar.

Meanwhile sterling continued to feel the benefit of the early general election announced last week and the US dollar took advantage of the upward drift in interest rates. No increase appeared from Wednesday's Federal Open Market Committee meeting but investors are fairly confident that rates will go up at the next one on 13 June.