The NZ dollar was unchanged on average against the other ten most actively-traded currencies. It added a third of a US cent and lost a cent and a half to sterling. The Kiwi ploughed a lonely furrow, unaffected by  domestic economic data (nobody seemed concerned about a fortnightly 1.3% decline in milk prices). Investors' wariness has more to do with external factors than with developments in New Zealand. US ten-year government bonds now offer a higher return than the equivalent NZ issues and the American administration's trade war is seen as unhelpful to the NZ economy. 

Sterling did surprisingly well, taking a close third place behind the Northern Scandinavian crowns. It was helped by strong UK retail sales in May and three above-forecast purchasing managers' index readings from Britain's manufacturing, construction and services sectors.