None of the energy- and commodity-related currencies was immune to the softer prices being paid for their exports. The NZ dollar also had another problem to contend with: a disappointing set of employment data. Although NZ unemployment fell from 4.9% to 4.8% in the second quarter it only did so because fewer people were looking for jobs. The number of people in work actually fell by -0.2% in Q2. As a consequence the Kiwi lost about three times as much as its Australian and Canadian cousins, falling by two and a half cents against sterling and losing two thirds of a US cent.

A good run for sterling came to an end on Thursday when the Bank of England's Inflation Report painted a gloomy picture of the economy. UK growth is expected to slow further as wages fail to keep pace with rising retail prices. Against that outlook, it might be many months until interest rates begin to rise.