The positions on last week's currency league table were not all the result of central bank action - or inaction - but a couple of them certainly were.
On top of the pile was the Norwegian krone. It strengthened by 1.1 per cent after the Norges Bank kept its benchmark interest rate steady at 1.5 per cent. The no-change decision had been generally anticipated but was still enough of a surprise to provoke a relief rally for the krone.
At the bottom of the tree was the Japanese yen. Although there was no rate cut from the Bank of Japan (its benchmark rate is already within a nanotick of zero) investors have been told to anticipate heavyweight money-printing by the Bank of Japan that will drive down the yen. It has already weakened beyond ¥100 to the US dollar and is unlikely to see that level again for several years. Following their weekend meeting, G7 finance ministers made no adverse mention of Tokyo's weak yen policy, thereby giving it their implicit approval.
The Aussie dollar headed lower after the Reserve Bank of Australia cut its cash rate by 25 basis points to 2.75 per cent. The move itself was no surprise but there had been a good deal of doubt as to whether it would come as soon as this month.
There were no surprises from the Bank of England's monthly policy meeting; the Bank Rate remained at 0.5 per cent and there was no extension to the Asset Purchase programme. Stronger than expected UK production data, together with the NIESR's estimate that gross domestic product grew by 0.8 per cent in the three months to April, reinforced the impression of an economy in need of no additional monetary stimulus.
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