There were just two sets of NZ data to guide investors: the Global Dairy Trade index and producer prices. Neither was of much help to the Kiwi. The producer price index showed input prices - manufacturers' costs - rising by 1.0% in the fourth quarter of 2016 while output - factory gate - prices went up by 1.5%. The fortnightly GDT index showed milk prices falling by -3.2%.

Sterling got off to a poor start because of an unexpected fall in UK retail sales. It dropped to the back of the field, beginning what would be a roller-coaster ride: On three days it led the other major currencies and on two it brought up the rear. Only one of those moves was caused by the UK economic data: the others were the result of technical factors and swings in sentiment. The pound eventually became the week's overall winner, beating the Kiwi by quarter of a cent as the NZ dollar added a fifth of a US cent.