The commodity-related currencies all ended the week on a high note, courtesy of the European Central Bank. At his press conference on Thursday Mario Draghi, the ECB president, dropped the heaviest possible hints that the bank would escalate or extend its money-printing programme of quantitative easing. The prospect of more free money electrified emerging-market and commodity currencies and the Kiwi added a swift cent and a half.

It was the Kiwi's second get-out-of-jail card of the day. Earlier it had received a boost when the NZ finance minister expressed his satisfaction with the value of his currency, leading investors to believe there would be less downward pressure on interest rates. Together the two events more than made up for Tuesday's news of lower milk prices. The NZ dollar held steady against the US dollar and strengthened by a cent and a quarter against sterling.