The NZ dollar failed to distinguish itself over the last week. Because of that it could not keep up with its Commonwealth cousins, the Australian and Canadian dollars, both of which delivered better-than-expected figures for economic growth in the fourth quarter of 2015. The Kiwi was also unable to make the most of a generally positive mood among investors: whilst there were no major NZ economic data to get in its way, neither were there any to help its case.

In the end the Kiwi was down by unchanged against the US dollar, three cents lower against sterling and down by a proportionally-greater two cents against the class leader, the Australian dollar. The British pound took second place among the major currencies, rebounding strongly after being hammered the previous week. During the coming week the highlight for the Kiwi will be Thursday's policy announcement by the Reserve Bank of New Zealand.