Had it not been for the governor of the Bank of England's comments on Thursday the Kiwi would have lost six cent on the week to sterling. As it was, Mark Carney said there was no certainty of higher UK interest rates next year, let alone this. His intervention soured the pound's victory, leaving it with a gain of "only" three NZ cents. The American dollar had an even better result, strengthening by 2% on the back of a belief that its interest rates could move higher next month.
It was the opposite belief that held the NZ dollar back. The Reserve Bank of Australia's failure to cut its benchmark rate on Tuesday served as a reminder that the Reserve Bank of New Zealand could do exactly that before Christmas. Rubbing salt into that wound, the fortnightly index of dairy prices fell by another -7.4% and the number of people in work, which had been expected to rise by 0.4% in the third quarter, fell by that proportion.