On Wednesday morning the governor of the Reserve Bank of New Zealand told parliament that he expects inflation to move back within its target range in the near future, perhaps as soon as this month. The implication was that the possibility of a rate cut by the RBNZ is no longer on the table. Although the comments did not immediately send the Kiwi higher they did contribute to a positive view that helped it avoid the sort of punishment that was meted out to the Aussie when news of an OPEC production cut sent energy process higher. Overall the NZ dollar picked up four fifths of a US cent over the week.

It did less well against sterling, losing half cent. As well as the distraction of upcoming votes in Italy and Austria, both of which could deliver results unfavourable to the euro the pound received help of a sort from the Bank of England governor and the Brexit minister. Both men floated ideas about softening Britain's economic transition out of the EU.