NZ ecostats during the week were limited to consumer confidence, which faded by three and a half points to 106, and visitor arrivals, of which there were 9.6% more in May than the same month last year. There was nothing to give the Kiwi direction and it drifted through the week reacting to external factors. For the first six days that drift was upwards against the US dollar and downwards against sterling, which was supported by growing confidence that Britain would vote to Remain in the EU.
Britain's decision to Leave there brought turmoil to global financial markets. Investors moved out of the "risky" commodity currencies and into the safe-haven yen, Swiss franc and US dollar. Sterling suffered its biggest-ever one-day loss, dropping 14 US cents, and the Kiwi was down by two US cents. On the week the NZ dollar is two thirds of a cent lower against the US dollar and nearly 11 cents higher against sterling.