The Australian dollar hit selling pressure close to 0.8350 against the US dollar and weakened back to lows near 0.82 before a tentative recovery.
The Australian domestic data failed to have a strong impact with a subdued increase for wholesale prices while there was a solid increase for average weekly earnings.
The Australian currency was undermined by a drop in commodity prices as copper prices fell sharply over the week.
The Australian dollar will be vulnerable to further selling pressure if there is evidence of a downturn in global growth, although heavy selling should be avoided.
Canadian dollar
The Canadian again performed strongly over the week with a further challenge on levels stronger than 1.10, an 11-month high for the local currency. The currency performed well despite the weaker than expected employment data at the end of last week with a high close to 1.0950 on Friday.
The Canadian inflation data recorded an increase in prices of 0.4% for April while core prices rose 0.2% which pushed the annual core rate to the highest level since 2003 at 2.5%.
There was a strong increase in manufacturing shipments of 2.8% for the month, maintaining generally strong growth trends.
The overall growth trends are likely to underpin the Canadian dollar, but the currency will struggle to extend gains after the recent rapid advance.
Indian rupee
The rupee has remained generally firm over the week, although there has been increased evidence of two-way trade with the currency close to 40.85 against the dollar on Friday. There was a recovery in local overnight interest rates to around 9.0% which helped sustain short-term rupee demand.
There was caution over intervention by the Reserve Bank, although dollar buying by the bank appeared limited. There was further dollar demand from oil refiners during the week and this curbed the potential for rupee buying.
Overall rupee confidence will remain firm on confidence over capital inflows, but the currency is still vulnerable to a more substantial correction weaker.