There was not a lot to choose between the Australian dollar, the US dollar and the euro. The Aussie ended up strongest of the three but it only beat the Greenback by a quarter of a cent and the euro was close behind. Its performance was something of a surprise, given the inconclusive result of Saturday's general election.

After nearly a week of counting the incumbent prime minister Malcolm Turnbull looks likely to hold onto his job but with only a slender majority. That will leave him less able to drive through the deficit-reduction measures the country needs and because of that Standard & Poor's has put Australia's AAA credit rating on negative watch.

Sterling, meanwhile, remained depressed by the Brexit referendum result. It lost another six cents to the Aussie, leaving it more than 12% lower than its level on Referendum Eve. It may have further to fall.