New Zealand economic data were even thinner on the ground than usual. All three came out on Tuesday morning. Manufacturers' costs fell by -1.1% in the first quarter while factory gate prices went down by -0.9%. The Reserve Bank of New Zealand's survey of inflation expectations found consumers expecting prices to rise by an annual 1.85% over the next two years, a faster rate than the 1.80% they were looking for three months earlier.

Meanwhile the US dollar and the British pound were doing well. Investors were buying the Greenback because they were selling the dollar and were buying sterling because of an unexpected jump in US retail sales.

In the end the Kiwi lost nearly one US cent on the week and went down by more than a cent against sterling. It was up by half a cent against the Australian dollar.