Among the major currencies sterling was the biggest loser. Even to start with, investors were none too keen on it but they really took flight when a speech by the Bank of England governor pushed back even further expectations for higher UK interest rates. Although the Kiwi suffered a setback on Tuesday, when NZ inflation came in lower than expected, it was helped on its way the following day by the BoE governor. 

It found extra support when the Bank of Canada failed to make the rate cut than some investors had expected: a lower Canadian rate might have encouraged a similar move by the Reserve Bank of New Zealand.

Towards the end of the week the commodity-oriented currencies all received a boost - as did global equity prices - when the European Central Bank and the Bank of Japan both hinted at increased monetary stimulus. Overall the Kiwi strengthened by six and a quarter cents against sterling and it added one US cent.