A fairly aimless performance by the Kiwi saw it pick up a quarter of a US cent and it strengthened by a cent against sterling but that was more because of their failure than its own success. The NZ economic data were less than brilliant. Exports increased by less than imports in December but the difference was narrower than in the previous month. Unemployment went up from 4.9% to 5.2%.

Sterling took last place on the week after the Bank of England governor warned that there would be no urgency to increase interest rates if inflation were to rise above its 2% target: the pound's weakness would be an obstacle to such a move. The US dollar fared hardly any better. The problem there was the stream of presidential executive orders. Investors worried that Mexican walls and Muslim travel bans were taking precedence over economically-stimulative tax cuts and infrastructure investments.