With commodities and metals on the retreat and a 10% fall in oil prices it was not the best week ever for commodity- and energy-oriented currencies. The Kiwi, however, managed to avoid the damage meted out to its Australian and Canadian cousins. A couple of things helped. First, the GDT index of milk prices enjoyed a fortnightly rise of 3.6%, following a 3.1% increase over the previous two weeks. Second, the employment data for the first quarter looked even healthier than expected with 1.2% more people in work and a fall in the rate of unemployment from 5.2% to 4.9%.

Sterling received support from some decent economic data and the US dollar was helped by the prospect of higher interest rates next month. They therefore did better than the NZ dollar. The pound added two fifths of a NZ cent - 0.2% - and the US dollar went up by a similar proportion against the Kiwi.