Although the South African rand eventually beat it to the line the NZ dollar put a run of losses behind it to deliver a strong week's performance. It added one US cent and went up by three and a half cents against sterling. The Kiwi's key advantage was the employment data for the third quarter. They beat forecast on every metric, with 2.2% more people in work and a fall in the rate of unemployment from 4.8% to 4.6%.
Sterling also swapped ends on the performance chart. It was torpedoed by the Bank of England's decision to raise Bank Rate from 0.25% to 0.5%. So widely had the move been expected that investors were left with no further reason to buy the pound. When the Bank made clear that there would be no more upward moves in the foreseeable future they were handed a very good reason to sell it.