Among the major currencies the winners were the US dollar and the British pound, with the Australian dollar not far behind. The NZ dollar was among the back-markers, alongside the Canadian dollar and the euro. The specific link between the three leaders was strong national employment data. There was no common factor to connect the laggards: In the Kiwi's case it was a combination of lower commodity prices and adverse comparison with its closest competitor.

For the second week running positive news from Australia - this time far stronger-than-expected employment data - led investors to believe there is much more chance of a cut in NZ interest rates than of a cut in Aussie rates.

So after a week of mostly steady decline the NZ dollar found itself with a loss of two thirds of a US cent and down by two and a third cents against sterling. In both cases the damage was equivalent to 1%.