The NZ dollar was the strongest performer among the energy- and commodity-related currencies. It did reasonably well last Friday before falling back after the weekend. The real game-changers came on Wednesday, starting with the quarterly New Zealand employment data. The number of people in work increased by 0.9% and the rate of unemployment fell from 6.0% to 5.3%.

Later the same day the US purchasing managers' index readings were a serious disappointment and prompted a sharp sell-off for the US dollar. Sterling was hampered by a growing belief that it could be well over a year before UK interest rates head higher and by the ongoing uncertainty about the EU in/out referendum. In the end the Kiwi was able to take nearly three cents off the pound and it strengthened by one and a half US cents - 2.4%.