In a break with the usual pattern there was no cohesion between the commodity-related currencies. The Australian dollar was down by a cent and a third against sterling, the Canadian dollar was unchanged and the NZ dollar put in the strongest performance of the week, strengthening by three and a half cents. It did even better against the American dollar, adding one and a half US cents for a gain of 2.2%.

The Kiwi's success came despite a warning by the Reserve Bank of New Zealand governor that another interest rate cut could be on the cards. Investors took it in their stride, apparently not surprised at the revelation. They were equally unmoved by a higher-than-expected 0.4% NZ inflation reading this Friday morning, which was not even vaguely helpful to the currency.