The NZ dollar performed slightly better than the other commodity-oriented currencies, all of which were hampered by mostly lower energy and commodity prices. It added a quarter of a US cent and lost four cents to the pound. The few NZ ecostats were generally helpful to the Kiwi: private sector businesses were more upbeat, milk prices moved higher and inflation accelerated from 1.3% to 2.2% in the first quarter of the year.

The pound shot higher when Theresa May called an early general election. The assumption is that she will win a much-enhanced majority in the commons, neutralising the threat of opposition from within her own party and from the Opposition itself. With her hand strengthened in parliament investors hope she will be able to come away from the forthcoming Brexit negotiations with a better deal than she might otherwise have been able to secure.