Having strengthened against sterling during most of February the NZ dollar has lost ground since the beginning of this month. For the second week in succession it was the weakest performer among the major currencies, losing one and a quarter US cents and falling by a cent and three quarters against sterling. The Kiwi's decline is at least partly due to the lingering effect of comments by Graeme Wheeler, the governor of the Reserve Bank of New Zealand, a week ago and more: For one thing, he anticipates no upward move for interest rates anytime soon and, for another, he thinks the Kiwi is overvalued.

The NZ economic data did nothing to improve investors' opinion of the currency. Building permits rebounded only slightly after falling sharply the previous month, the GDT index of milk prices was down by -6.3% and manufacturing sales declined by -1.8% in the fourth quarter of 2016.