The Kiwi made fairly steady upward progress against the US dollar, which was held back by mostly disappointing American economic data. Ecostats from New Zealand were better but not much better. Exports and imports both increased by more than expected in May, unfortunately that still left a trade surplus that was smaller than forecast. A 7.0% increase in building permits looked alright though, as did a ten-point improvement in business confidence from 14.9 to 24.8. The Kiwi strengthened by two thirds of a US cent.

It did less well against the euro and the pound. Both were helped by comments from their respective central bankers, to the effect that their interest rates would be increased when the economic conditions were appropriate. Buyers lined up, taking the pound three cents higher against the Kiwi and leaving it unchanged against the euro.