Last week was a difficult week all round for the commodity-related currencies. The Aussie got off lightest, falling to six-year lows against sterling and the dollar. The Canadian dollar fell further, to a seven-year low, after the Bank of Canada unexpectedly lowered its benchmark interest rate.

Perversely, that rate cut by the BoC was even more damaging to the Kiwi because it led investors to believe that a cut by the Reserve Bank of New Zealand this coming Thursday had become all but inevitable.

Meanwhile, central bankers in Washington and London were telling congressional and parliamentary committees that interest rates are about to turn upwards, "this year" in the States and "around the turn of the year" in Britain.  The contrast led investors to dump the Kiwi with even more enthusiasm that they had already shown this year. It fell two US cents and lost eleven cents to sterling, hitting six-year lows against both. And there is more pain to come.