The NZ dollar's performance was acceptable, in that it was roughly unchanged, on average, against the other dozen most actively-traded currencies. It did however lose a quarter of a US cent. That was not the fault of the NZ economic data, which were few and far between, but of RBNZ assistant governor John McDermott. He said in a speech that interest rates were likely to fall further, a sentiment pretty well guaranteed to trip the Kiwi.

Sterling spent most of the week being ground into the mud by bearish investors. It was of course the uncertainty about Brexit that did most of the damage but a Marmite famine and the threat of another devolution battle in Scotland did nothing to help. The pound lost two and a half NZ cents on the week, taking its cumulative loss since Brexit Eve to -16.7%.