In common with the other commodity-oriented currencies the Kiwi got off to a rocky start after US data showed wages rising more quickly than prices, to the tune of 2.9% to 2.1%. The figures led investors to suspect that inflation might be accelerating rather faster than they had thought, and that this would mean a more robust approach from the Federal Reserve, with at least three interest rate increases this year. Higher rates make it less attractive to hold a wide range of assets, including "risky" currencies, and there was a sharp sell-off of stocks and shares.

The Kiwi's saving grace was a punchy set of NZ employment data: the pound's was a suggesting by the Bank of England governor that rate increases could come sooner and more quickly than previously assumed. The NZ dollar was unchanged on the week against sterling but lost more than one and a half US cents.