There were not many NZ economic data on offer and those that did appear were not very good. The Business NZ purchasing managers' index dropped three points to 51.6, a level uncomfortably close to the breakeven point at 50. A 0.8% increase in retail sales for the fourth quarter matched the performance of Q3 but fell short of the expected 1.1% rise.

Even so, the Kiwi managed to stay level with the stumbling euro and it strengthened by 0.2% against the week's joint losers, adding a fifth of a US cent and rising by half a cent against the pound. The US dollar was hampered by the sensation of anarchy in the White House and by the president's rambling press conference during which he insisted "I'm not ranting and raving". Sterling's problems were slower-than expected inflation, which came in at 1.8%, and a slowing in the annual pace of wage increases from 2.8% to 2.6%.