In a week of caution and narrow ranges the Australian dollar did not do particularly badly, falling by just over a cent against the pound, but it was still one of the two worst performers. Investors spent the first half of the week wondering if there would be problems with the Greek debt restructuring deal and ended it in love with the recovering US economy. Whilst that is not normally a reason to sell the Aussie and buy the Greenback, that's how it turned out last week.
And the Aussie failed to make much of a case for any potential supporters it might have had out there. Australia's current account deficit widened by more than expected. The performance of construction index, on which 50 marks the dividing line between growing and shrinking activity, fell further into the gloom zone at 35.6. Economic growth slowed in the fourth quarter of 2011. Unemployment went up to 5.2% in February with the unexpected loss of 15.4k jobs. Good news was hard to find.