With investors concentrating on US interest rates and the growing possibility that Greece could end up defaulting on its debts and leaving the euro, the NZ dollar was not uppermost in their minds.
At least, for the first half of last week the Kiwi was able to keep a low profile. But that changed last Thursday morning when Statistics New Zealand published its figures for gross domestic product in the first quarter of the year. They showed the NZ economy expanding by just 0.2%, a significant miss when investors had been expecting to see 0.6% growth.
The NZ dollar took a -2.3% hit on that day alone. Throughout last week it lost three quarters of a US cent and fell by eight cents against sterling. The pound's performance was the best among the major currencies; the Kiwi's was the worst.