Investors in New York were preparing to pack up for the weekend when they learned of the coup in Turkey. Their reaction was entirely predictable: they sold emerging-market and commodity-related currencies and headed for the safety of the US dollar and Japanese yen. The NZ dollar was one of the casualties and it continued lower after the weekend, eventually losing a cent and a quarter to sterling and one and a half US cents.

A downgrade of the International Monetary Fund's global economic outlook - because of Brexit - was unhelpful to the Kiwi, as were a couple of statements by the Reserve Bank of New Zealand. Investors are in increasingly little doubt that the RBNZ intends to cut its Official Cash Rate from 2.25% to 2% when the policy committee meets next on 11 August. The RBNZ wants a weaker NZ dollar, which it says is overvalued by 6%.