Among the mainstream currencies the NZ dollar led the way, strengthening by 2.4% against the US dollar. It was eclipsed by the Norwegian krone and the South African rand, both of which were up by 4%. The common threads in their success were interrelated; the evaporation of any real expectation of higher US interest rates this year and a gradual return of confidence and risk-appetite among investors. Increasingly absent from the equation, as the week progressed, was the Brexit issue, if only because it has now entered a phoney war period while the politicians on both sides of the Channel get their acts together.

The gradual improvement in mood allowed the commodity-related currencies to move ahead as the safe-haven yen and Swiss franc faded. For the NZ dollar it meant a gain of one and three quarter US cents and it strengthened by five cents against sterling.