Among the handful of New Zealand ecostats the only one that mattered to the Kiwi was Tuesday's fortnightly GDT index of milk prices. It was down by -3.0 and it put an end to four days of upward progress for the NZ dollar. On the week it was almost unchanged against the other dozen most actively-traded currencies and it lost one and a quarter US cents.

In common with every other currency the Kiwi moved higher against sterling, which had a week it would prefer to forget. Following the prime minister's declaration that the Brexit process would start before the end of March investors piled in to sell the pound and its decline was exacerbated by a peculiarly sharp downward spike on Thursday night. The prospect of another six months of uncertainty played into the hands of sterling bears and they completely ignored some good UK economic data. Sterling lost more than four cents on the week, having touched a record low.