Amid a general shortage of hard economic data from the major economies New Zealand's statisticians did not, for once, appear to be shirking when the only statistic they could come up with was a -7.2% monthly fall in building permits. Currency directions, including that of the Kiwi, were shaped instead by politics and central banks. The Reserve Bank of New Zealand had two bites at the cherry, the first with its survey of inflation expectations and the second when it announced the Official Cash Rate would remain at 1.75% for a fourth month.

Inflation expectations were up from 1.7% to 1.9% and so positive for the currency. The RBNZ statement was not, because it did not include the expected hint that higher rates might be on the way. The net effect was negative for the NZ dollar. It lost nearly one US cent on the week and fell by one and three quarter cents against sterling.