After moving in opposite directions the previous week the Kiwi and the Aussie were back in step during the last seven days. They were the top performers among the major currencies, strengthening by 1.9% against the US dollar and by 2.7% against sterling. There were no domestic economic data to help the NZ dollar but it did get some assistance from America: Nonfarm payrolls last Friday pointed to a slowdown in job creation that could lessen the upward pressure on US interest rates, and low US interest rates are held to be positive for NZ and other commodity exporters.
Sterling's week ended in tears when the general election failed to give the Conservatives the big Commons majority they had been hoping for. When the exit polls indicated a hung parliament investors marked the pound down and they sent it lower again when London got going.