According to AWEX, the wool market finished on average 2.5pc higher after three days of sales in Sydney, Melbourne and Fremantle, due in large part to the US exchange rate falling by a further 4.5pc.

The EMI ended the week 881¢/kg, after gains of 24¢/kg in the north (the regional indicator finished at 916c/kg); 28¢/kg in the south (851c/kg); and 12c/kg in the west (846¢/kg).

AWEX reports there were 43,183 bales were on offer, compared with 38,007 bales last week, of which 6.1pc were passed in.

The exchange rate finished the week at US79.62c, down 3.73c for the week.

But the exchange rate was much steadier against the Euro, falling by 0.43 Euro cents (-0.7pc) to close at 57.02 Euro cents on Thursday night.

When looked at in other currencies, AWEX says the EMI moved down by 12¢/kg (-1.7pc) in US terms and up by (+2.2pc) in Euro terms.