It was no surprise that not a single New Zealand economic statistic was to be seen in the much-shortened week between Christmas and New Year. Very few were on offer elsewhere, either, so exchange rates were driven mainly by housekeeping trades as investors realised profits (or losses) ahead of the year-end. The NZ dollar had a reasonable week, adding half a US cent and picking up two and a quarter cents against sterling. 

2015 was not kind to the Kiwi. Where in 2014 it strengthened against sterling, this year it fell by -9%. It did even worse against the US dollar, declining by -13%. If commodity prices pick up in the year ahead, and if the Reserve Bank of New Zealand makes no further cut to its benchmark interest rate, the Kiwi might find life more comfortable in the year ahead.