None of the major currencies could compete with the US dollar. Investors were taken by the short-term likelihood of higher interest rates - probably next month. They also liked the prospect of president-elect Trump's policies leading to higher growth, increased government borrowing and higher interest rates in the longer term. The NZ dollar fell by -3% against the Greenback, as did the euro and the Australian dollar. Sterling came away with a better result but was unable to put together a hat trick of winning weeks. It went up by 1.7% against the Kiwi.

The pound and the US dollar were helped by strong retail sales data and sterling also received some assistance from another decent set of employment figures. In the early part of the week no NZ statistics were forthcoming because the earthquake had damaged the statistics agency's IT infrastructure. Eventually on Friday morning Stats NZ reported that retail sales had risen by a very ordinary 0.9% in the third quarter.