I've made the point on this blog previously that UK assets might be worth a look for investors, partly as a currency play.
It's a strategy I've been using myself, buying UK assets while the Aussie dollar has been hugely strong against the pound, at least in historical terms.
I hadn't realised the returns would be so swift, though.
Just look at the British pound go, now up to a 6 year high against the Australian dollar!
Yesterday's weak capex data in Australia, which I looked at here, paves the way for further easing in Australia and sent the pound to above A$2.00.
Futures markets are getting somewhere close to pricing in another interest rate cut by the end of 2015 in Australia, with weak investment figures suggesting rising unemployment.
The Reserve Bank is widely considered likely to wait for some time before moving again, however.
The Reserve Bank has made the point on many occasions that it would like to see the Australian dollar weaker against the US dollar, which would help our commodity export prices.
Slowly but surely, we are seeing that too, with the Australian dollar declining to around 76.5 cents from previously heady levels of well above parity.