Last week was messy for the commodity-oriented currencies, principally because investors were twitchy about China and Euroland. In China the Shanghai stock index continued the plunge it began a month ago and in Greece the people's referendum rejection of its creditors' proposals for reform and austerity made it look more likely that the euro was about to lose one of its members. Then the Chinese government took unusual steps to support share prices and a volte face by the Greek government led investors to believe a deal was at hand.

As sentiment blew hot and cold the Kiwi first weakened then moved higher against the pound and the US dollar. Its recovery was helped by strong Australian employment data which, unusually, helped the NZ dollar more than the Australian one. In the end it added a net third of a US cent and strengthened by four and a quarter cents against sterling.