Last week saw a mediocre week for the NZ dollar seeing it remain steady against the US dollar and lose a third of a cent to sterling. The Kiwi was down by nearly a cent against the Australian dollar and it had no chance of keeping up with the week's leader, the euro, which romped away to a 2.4% gain.

The NZ dollar made no major errors and there weren't any New Zealand economic statistics to trip it up. It was just that the opposition did find the support they needed to push ahead. The US dollar had the promise of higher interest rates, the pound was enjoying the end of its post-election honeymoon and the euro was dining out on the prospect of an agreement to keep Greece in the single currency.

The event to watch this week will be Thursday morning's interest rate announcement by the Reserve Bank of New Zealand.