The Kiwi's gain had more to do with sterling's weakness than with any particular appetite for the NZ currency. Investors were unimpressed by monthly falls of -0.2% and -1.1% in UK manufacturing and industrial production and they remain worried by the EU referendum. The NZ dollar was fractionally down against the US dollar and a cent firmer against sterling.

Although investors agree that the safe-haven Japanese yen and euro are good places to stash their cash there is no such agreement about the supposedly risky commodity currencies. The Australian and Canadian dollars lost ground over the week while the NZ dollar and the South African rand strengthened.