It was not a bad week for the NZ dollar, which took third place among the major currencies. The economic data from New Zealand were uncontroversial: inflation expectations were steady at 1.6%, milk prices went up and manufacturers' costs fell more quickly than factory gate prices. The Reserve Bank of Australia helped things along by dismissing the idea of any early interest rate cut there.

But the Kiwi had no chance against the US dollar or the pound. Sterling's first big break was an opinion poll relating to next month's EU referendum, which showed the Remainers with a 55-37 lead over the Leavers; the second was a strong set of UK retail sales figures. The US dollar's advantage was a series of warnings by the Federal Reserve that interest rates could go up in the next month or two. So the NZ dollar lost half a US cent and fell by three and a half cents against sterling.