The NZ dollar did better than its Commonwealth cousins, emerging as the week's winner among the major currencies. It was no walk-over: the Kiwi beat second-placed sterling by less than a quarter of a cent. But it did pick up half a US cent along the way and strengthened, on average, by 1.5% against the other dozen most actively-traded currencies. The Kiwi's trump card was a policy statement by the Reserve Bank of New Zealand governor that reiterated his expectation of "35 basis points of further interest rate cuts", surprising some investors who had been expecting a more dovish line.

The British pound's long suit was a handful of better-than-expected economic data which persuaded investors to close out some of their short positions. As for the US dollar, which took third place for the week, its support increased as investors reassessed the interest rate outlook. They now see an odds-on chance of a hike by the Fed this year.