None of the Commonwealth dollars had a great period last week. The Aussie suffered equally with the Canadian dollar while the NZ dollar took rather more of a hammering. Overall the Kiwi fell by three and three quarter cents against sterling and it was down by one and three quarter US cents, making it last week's biggest loser among the major currencies.

It was partly a confidence thing, with two situations bothering investors. One was the weekend's referendum in Greece, which could have set in train the country's exit from the euro. The other was the Chinese stock market, which fell a further 12% throughout last week. But investors also have concerns about New Zealand itself, especially in view of the global milk surplus which has pushed down prices for one of the country's biggest exports. The suspicion is that it could put increased downward pressure on NZ interest rates.