Although the Kiwi was far from the shakiest performer among the major currencies it had an undeniably challenging week, losing one US cent and three Australian cents. It need not have been like that: the NZ dollar's peers in Australia and Canada occupied the front half of the field. But on Thursday the Reserve Bank of New Zealand announced that it would issue a previously-unscheduled economic update next Thursday. Investors jumped to the conclusion that the update would warn of an interest rate cut so they marked down the Kiwi.

Meanwhile the British pound was forging ahead Investors reacted positively when Theresa May stepped into the prime minister's job two months earlier than expected and the pound received an even bigger boost when the Bank of England did not signal lower interest rates on Thursday. A quarter-percentage-point cut had been widely expected so when it failed to appear the pound popped higher for a net weekly gain of nine NZ cents.