It was a good week for the commodity-related currencies, principally because of data and events around the world that increased the likelihood that major currency interest rates would remain low - or lower - for longer. Much slower-than-expected US growth in the second quarter reduced the upward pressure on the Federal Funds rate. Japan's government confirmed a new tsunami of monetary stimulus. The Bank of England halved Bank Rate to 0.25% and threatened to take it even closer to zero before Christmas.

The Aussie and the Kiwi were both beneficiaries of the easy money, even though the Reserve Bank of Australia cut its Cash Rate from 1.75% to 1.5% on Tuesday and the Reserve Bank of New Zealand is expected to cut from 2.25% to 2% next Thursday. Those rates are still way above other major currencies' so the Kiwi was able to add one US cent and went up by three cents against sterling.