As usual the economic data from New Zealand did not bring much to the party. The only one that really mattered was the fortnightly GDT index of milk prices, which was up by 3.5% after rising by 6% in the previous two weeks. The UK figures were mostly alright but investors focused on unexpectedly large monthly falls in manufacturing and industrial production. They also rediscovered their jitters about Brexit as the war of words raged on about who can authorise the Article 50 process of Britain's departure from the European Union.

The Kiwi's main lift, however, came from an improvement in investor confidence after the resignation of Italy's Prime Minister failed to unseat the Euro and the European Central Bank announced an extension to its money-printing asset purchase programme. The safe-haven Yen and Swiss Franc lost out and the Commonwealth Dollars moved ahead together. Overall the kiwi picked up three quarters of a US cent and it added two and a quarter cents against Sterling.