Except for the South African rand, which powered ahead on rumours that President Zuma could be unseated by his own party, the Kiwi was the top performer. It strengthened by an average of 1.1% against the other dozen most actively-traded currencies, adding one and a quarter US cents and rising by four and a half cents against the last-placed British pound. The only NZ economic data of any consequence were the balance of trade numbers for April, which came out on Wednesday morning: the trade surplus was more than twice as big as expected at NZ $572m.

Sterling had an uncomfortable week, hampered by nervousness that Britain could end up leaving the EU without a trade agreement. The UK economic data did not help either, especially the downwardly-revised figures for gross domestic product in the first quarter: investors were unimpressed to see growth being marked down from 0.3% to an even weaker 0.2%