After gaining ground against the Australian dollar for more than a month the kiwi turned tail at the weekend and gave back 2% over the seven days. It was mainly interest rates that accounted for the move. The Reserve Bank of Australia board minutes seemed to dismiss the possibility of any further interest rate cuts while a statement by the Reserve Bank of New Zealand said "further easing will be required" if the economy needs it.

Meanwhile the pound was under pressure from the prospect of its own rate cut and it was taking flak from a step-up in the rhetoric surround Britain's exit from the EU. The chancellor does not believe the country can remain in the single market and talk of a "hard Brexit" worried investors. The Kiwi put in a below-average performance against sterling, picking up less than two cents. It was down by a third of a cent against the US dollar.