It is a bit of a mystery why the NZ dollar had such a good week but it did, strengthening by a cent against the US dollar after rebounding from a three-month low on Monday. Later the same day it settled into an upward direction thanks to a jump in NZ building permits - a statistic which normally has little or no impact. A improvement in business confidence helped it along, as did higher milk prices, but none of those could account for the Kiwi sharing the lead for the week with the Japanese yen.

It is easier to explain why sterling had such a rotten time, trailing the other major currencies by at least 1% and losing six and a half NZ cents, -3%: an opinion poll unexpectedly put Leave four points ahead of Remain for the EU membership referendum. The increased uncertainty put investors off the pound.