Although the Kiwi did less well than its Australian and Canadian cousins it was still in the leading half of the major currency group, down by a quarter of a US cent and half a cent weaker against sterling. Higher oil and commodity prices were positive for the currencies of the countries that export them and the Kiwi was able to outperform the safe-haven euro, yen and Swiss franc. NZ economic data did not add much to the debate: building permits jumped by 14% in February but business confidence faded by three points to 11.3 in March.

The British pound and the US dollar did better than perhaps they deserved. The defeat of Donald Trump's healthcare bill in Congress was only a temporary setback to the Greenback. Theresa May's initiation of the Article 50 process of leaving the EU left investors unfazed: on the day her letter was delivered to Brussels the pound was the day's surprise leader.