With not a single NZ ecostat to get in its way the Kiwi was still the weakest performer, losing one and a quarter US cents and five cents to the pound. It fell by an average of -1.6% against the other dozen most actively-traded currencies. There are any number of ideas about what caused the rot. A recurrent one is that investors were worried that the United States would broaden the scope of its protectionist tariffs, one of which this week imposed a 20% duty on softwood imports from Canada. That argument would be borne out by the way the NZ dollar recovered slightly after Donald Trump said he wanted to renegotiate, rather than scrap the North American Free Trade Agreement.

The Kiwi's suffering was exacerbated by the resurgence of European currencies. Sterling still felt the benefit of the early UK general election and the euro jumped higher following the French presidential election.