A strong start took the Kiwi a cent and a half higher against the US dollar before it gave it all back on Monday. The NZ dollar spent the remainder of the week clawing back the deficit, a task which it completed on Thursday evening. On Friday morning it was one cent higher on the week against the Greenback. Its biggest boost came when the Reserve Bank of New Zealand said that by the end of the year it would introduce measures to rein in an overheated housing market. Investors had expected them to be brought in sooner than that.

The Kiwi was also helped, as were all the commodity-related currencies, by the prospect of global interest rates remaining low for longer. That expectation had a lot to do with Britain's referendum vote to quit the EU. Not surprisingly, sterling continued to be weighed down by the result, losing nearly six NZ cents to leave it 13.4% below its level on Referendum Eve.