The week's economic data from New Zealand were few and far between and even those that did appear had no lasting effect on the Kiwi dollar. Monday's retail sales figures for the third quarter were stronger than expected, with overall sales rising by 1.1% over the three months while sales excluding motor vehicles rose by 1.0%. Manufacturers' costs were up by 1.6% over the same period and factory gate prices by 1.3%.
Unusually, it was the minutes of the US Federal Reserve policy meeting that had the biggest impact on the Kiwi. They removed any fear that future interest rate increases by the Fed - probably starting next month - would be anything other than small in scale and slow to come. Investors therefore saw the Fed minutes as positive for most of the commodity currencies. The NZ dollar picked up half a US cent on the week and it strengthened by half a cent against sterling.