Both of the antipodean dollars had a rough week, suffering in almost equal measure.   For the Kiwi it meant a loss of two and a half US cents and a two-and-a-half-cent decline against sterling.   It was not a one-way-street but the bounces were few and far between.

The New Zealand economic data were not at all helpful to the currency.   April's balance of trade figures showed imports and exports both declining, with exports falling most, and building permit issuance was down by -1.7% for the same month.   On Friday the Kiwi was hit by a near-halving of ANZ's business confidence index from 30.2 to 15.7.

Along the way the antipodeans suffered collateral damage from some punchy American ecostats which kept alive investor's belief that US interest rates will begin to head higher before the end of the year.   Strong US payrolls numbers on Friday would reinforce that belief.