Most commodity-related currencies were hampered by a suspicion that central banks in Tokyo and Frankfurt are under governmental pressure to reconsider their aggressive quantitative easing strategies. If they are, and if that means the end of the road for money-printing on a galactic scale, the flow of almost-free money will dry up, diminishing support for asset prices, including commodities. The Kiwi suffered less than its peers but still lost one US cent and went down by a cent against sterling.

Coming up next Thursday is the Reserve Bank of New Zealand's policy meeting. After lowering its Official Cash Rate from 2.25% to 2% in August the RBNZ is not expected to make a further cut this month but there have been mixed signals from the governor: Whilst he does not want to fuel property prices with even cheaper money, nor does he want to give the impression that the bank is content with below-target inflation.