There was no sign of the coherence that often links the fortunes of the commodity dollars, perhaps because a seasonally-thin market (it is vacation-time in the northern hemisphere) affected different currencies in different ways. The Kiwi did better than the Aussie but trailed the Canadian dollar, adding three quarters of a US cent and losing half a cent to sterling. All the NZ economic statistics either matched or beat expectations. Notably, the fortnightly Global Dairy Trade index jumped 12.7% and unemployment ticked down to 5.1% in the second quarter.

The US dollar languished as investors tried, and failed, to find evidence that the Federal Reserve would raise interest rates before the end of the year.  The British pound began the week under a deluge of negative sentiment and ended it in the glow of strong UK retail sales figures for July: the Brexit vote had not, after all, smashed consumer confidence.