Sterling held roughly steady against the NZ dollar between Friday and Wednesday evening. The Kiwi was disadvantaged by a -2.9% fortnightly fall in the Global Dairy Trade index of milk prices but made back the lost ground when the figures for gross domestic product showed the NZ economy expanding by 0.9% in the fourth quarter of 2015. It was faster growth than the 0.6% forecast by analysts.

It was America's Federal Reserve that gave the Kiwi its most important leg up. On Wednesday evening the Fed let it be known that instead of four interest rate increase this year there would only be a maximum of two. All of the commodity-oriented currencies felt the benefit. On the week the NZ dollar strengthened by one and a half US cents and it went up by two cents against sterling, leaving it with a 2.3% gain for the year to date.