The NZ dollar was the weakest performer among the Commonwealth "commodity" dollars, more by misfortune than because of any major error. It lost a dozen or so ticks to the US dollar and fell by a cent and two thirds against sterling. The only NZ economic data to emerge during the week were Wednesday's trade figures, which showed a smaller-than-expected deficit in April as exports rose and imports decreased. Fonterra, the world's biggest dairy exporter, hurt the Kiwi when its milk price forecast came in lower than expected.

Sterling's main prop was a further swing in sentiment towards a Remain vote when the EU in/out referendum takes place next month. The Bank of England governor helped in that direction when he told parliament's Treasury Committee that "a vote to leave the EU could have material economic effects - on the exchange rate, on demand and on the economy's supply potential".