The Kiwi spent the first half of the week losing ground to the US dollar before finding a base on Tuesday. It was a 2.1% rebound in the fortnightly Global Dairy Trade index - milk prices - that made the difference. Since then the NZ dollar has been roughly steady against the Greenback, leaving it with a weekly loss of one and a quarter US cents. It did better against sterling, coming out unchanged on the week against the pound, but that was no great achievement given that only the South African rand had a worse run.

It is worth pointing out that investors seem to care little at the moment for the Kiwi's relatively high interest rate. The top four currencies over the last month have been the Swiss franc, the euro, the Japanese yen and the Swedish krone, all of which have negative official interest rates. Safety evidently counts for more than yield.