The big domestic event in the Kiwi's week was the Reserve Bank of New Zealand's decision to lower its Official Cash Rate from 2% to 1.75%. The cut itself had been well-telegraphed, so had little impact. However, the RBNZ statement spoke of possible further cuts and said "a decline in the exchange rate is needed".

A much bigger event saw Donald Trump elected as the next president of the United States. It led to 24 hours of pandemonium in financial markets as investors tried to work out the implications. For the moment they believe Mr Trump's policies will be positive for corporate America so the US dollar is reasonably well supported. It is three quarters of a cent higher on the week against the Kiwi. But sterling did best of all, mainly on the realisation that Brexit is no longer the scariest thing on earth. The pound is three and a half NZ cents higher on the week.