In a week that was hard going for all the supposedly "risky" commodity-related currencies the Kiwi came away with a better result than its Australian and Canadian cousins. It lost nearly one and a half cents to sterling but it was able to pick up a sixth of a US cent and it was up by 1% against the Aussie dollar. Of the few NZ ecostats to emerge Fonterra's global dairy trade index was helpful, with milk prices up by 1.7%, and February's balance of trade figures weren't, because there was a small deficit.

Sterling took some stick on Monday when the prime minister announced that she would activate the Article 50 Brexit process on 29 March. Two days later it got a boost when inflation unexpectedly accelerated to 2.3% and it got another one on Thursday from surprising strong retail sales figures. It came away an average of 0.7% higher on the week.