The Kiwi was the investors' favourite for a second week, strengthening by 3% against sterling, seven cents, to its highest level in more than a year. It also scored a one-year high against the US dollar, where it was up by a net two and a half cents on the week. This time there was less mystery surrounding its success.

The NZ dollar's first break was last Friday's US employment data. They showed jobs growth slowing sharply in May, apparently destroying any chance of the interest rate increase that investors had been expecting in June or July. Continued low US rates were seen as positive for all the commodity-oriented currencies. The Kiwi got its second boost from the Reserve Bank of New Zealand when it left its benchmark interest rate unchanged at 2.25% on Thursday. Many investors had been expecting a cut, or at least a hint at one in the near future.