The Kiwi was the weakest performer among the commodity dollars, strengthening by less than half a cent against sterling and losing half a US cent. It took a tumble on Tuesday when the Reserve Bank of New Zealand published its quarterly survey of inflation expectations. Consumers had marked down their expectation of inflation over the next 12 months from 1.51% to 1.09%. Investors believe the change makes a rate cut more likely.

It was a good week for equities, a good week for oil and a good week for energy- and commodity-related currencies. There were no cold hard facts to justify the swing in sentiment: it was simply that investors figured that their previous bearishness had been overdone. Sterling ploughed its own lonely furrow, weakening on most fronts. In large part that was because of uncertainty created by today's European Council meeting that will allegedly decide Britain’s future in the EU.