The four currency laggards of week were the British Pound and the Australian, Canadian and New Zealand Dollars. Sterling and the Loonie led the back markers, the Aussie came in last and the Kiwi beat it by a length. Two issues were at work. The Commonwealth Dollars were hurt by a general drift of investors away from supposedly riskier investments and into the safety of the Yen, the Swiss Franc and the Euro. Sterling's problems were end-of-year profit-taking sales and festering Brexit concerns as the mood in Downing Street seemed to lean from "soft" to "hard". Overall the Kiwi declined by a cent and a third against Sterling and lost one and a quarter US cents.

Economic data from NZ were hardly a problem. Consumer and business confidence showed improvements and the trade deficit narrowed, though not by as much as expected. Third quarter economic expansion came in better than expected at 1.1% but Q2 growth was revised down from 0.9% to 0.7%.