The Kiwi was stronger on the week against sterling, as was every other major currency. It went up by more than three and a half cents against the pound and by two thirds of a cent against the US dollar. None of the commodity-oriented currencies had a good start to the week. Investors were already twitchy about the situation at Volkswagen and their nervousness increased when a bank published a scathing assessment of Glencore, a mining and trading firm, knocking its shares down by nearly a third and denting global equity markets.
The following day Glencore's stock rebounded, as did global share prices. Investors forgot their anxiety and piled back into the commodity dollars. In the end the NZ dollar emerged as the week's top-performing major currency with its Canadian and Australian counterparts taking second and third place. But be prepared for renewed gyrations in the coming week if there are any fresh scares.