Although the New Zealand and Australian dollars did not move together through the week they did achieve similar results, falling by around -1% against sterling and strengthening by 0.4% against the US dollar. The British pound was the week's top-performing major currency for the first time in a long while, despite an increase in the number of UK jobseekers and an unexpectedly sizeable -1.3% monthly fall in retail sales. Its unusual success was apparently the result of investors taking profits on their short positions.
The New Zealand economic data had little effect on the Kiwi. Inflation in the first quarter of the year was exactly in line with forecasts at 0.4%, the Global Dairy Trade index of milk prices increased by a helpful 3.8% and visitor arrivals in March were up by 18% compared with the same month last year.