The NZ dollar swung across a one-cent range against the US dollar, strengthening when investors felt confident and falling back when they became nervous. There was a bit of both, starting with the debate between the US presidential wannabes. Ahead of it Donald Trump led the polls, raising fears of big beautiful walls and protectionism. In its aftermath that fear had receded, helping the Kiwi ahead. 

An unexpected announcement that OPEC will cap oil production was not directly relevant to the Kiwi but was broadly positive for commodity currencies. Murmurs that Deutsche Bank might struggle to pay a $14bn fine slapped on it by cash-strapped US regulators was not.

On the week the NZ dollar is just about unchanged against the US and Australian dollars. It is three quarters of a cent firmer against the pound, which struggled as a result of ongoing uncertainty about the British government's Brexit plans.