On average the Kiwi, the pound and the US dollar were all roughly unchanged on the week against the other dozen most actively-traded currencies. The NZ dollar received some help from a point-and-a-half improvement in the Business NZ purchasing managers' index but none whatsoever from news that the economy expanded by 0.5% in the first quarter: Investors had been hoping to see growth of 0.7% so were disappointed.

Following its post-election beating the pound did fairly well despite some poor data that showed declines in UK industrial production and retail sales. Inflation was higher at 2.9% (CPI) and 3.7% (RPI) while wages were up by only 2.1%, reducing consumers' spending power. The Bank of England helped the pound out of its hole when three of the eight members of the Monetary Policy Committee voted unexpectedly to increase interest rates. No actual increase is imminent but the thought is there.