The NZ dollar had a better week than its Australian cousin but it still ended up with a one-cent loss to sterling and moved half a cent lower against the US dollar. New Zealand economic statistics did it no particular harm: retail sales rose by 0.8% in the first quarter and the data for Q4 last year were revised higher. The Business NZ purchasing managers' index, which weighs the number of private sector companies reporting increased trading against those suffering contraction, looked healthily positive with a two-point rise to 56.5.

When the Reserve Bank of New Zealand's Financial Stability Report failed to mention any change to its mortgage lending rules the Kiwi enjoyed a relief rally: Investors had been concerned that the RBNZ might require home-buyers to put down bigger deposits, as suggested by Finance Minister Bill English a couple of days earlier.