Although it was tail-end Charlie for two days the NZ dollar pulled itself up by the bootstraps to deliver an above-average performance for the week as a whole. It did lose a fifth of a US cent but added a cent and a half against sterling and beat both the Canadian and Australian dollars. The data were relatively kind, with a narrowing of the trade deficit and an improvement in business confidence. However, talk of higher US interest rates was unhelpful to the commodity-related currencies and Donald Trump's imposition of punitive tariffs on steel and aluminium imports was doubly so: they would all be hurt by a trade war.
Sterling's underwhelming performance was mainly down to the evolving Brexit brawl. The EC president and two former prime ministers weighed in against the government's approach. Theresa May will attempt to defend her strategy in a speech this Friday.