It was the NZ dollar's misfortune to be the only major currency to have a worse week than the British pound. Although it only lost half a cent to sterling it was down by the thick end of three cents, -2.6%, against the week's overall leader, the US dollar. The key differentiator between those two was the likely direction of interest rates. In the States it is all but certain that the Federal Reserve will take rates another notch higher this month. The Reserve Bank of New Zealand governor, however, told an audience this week that "there is an equal probability that the next [benchmark rate] adjustment could be up or down".

That sterling beat the Kiwi was more by luck than judgment. The last ten days have seen it lead the field on five of them and come away with the wooden spoon on four. There is clearly no consensus as to where the pound should be heading.