An even better week for the NZ dollar took it to the front of the major currency pack. It strengthened by two thirds of a US cent and by more than a cent and a half against the pound, which were unchanged against one another and the euro. Unusually, the antipodean dollars were at opposite ends of the spectrum, the Aussie falling by -1.4% against the Kiwi as a result of lower commodity prices and soft economic data from China.
The typically-scarce NZ ecostats had no coherent story to tell: building permits were down by a monthly -7.6% while business confidence improved by five points to 14.9. The pound had a wobble when one opinion poll pointed to a hung parliament next week with no party having an overall majority. It recovered its poise after subsequent polls indicated a working majority for the Conservative party, though not the landslide that had been suggested immediately after the election was called.