The NZ dollar went from zero to hero last week.
Having fallen out of bed a fortnight ago, it was the top performer last week, strengthening by four cents against the pound.
Just as its earlier losses had no direct connection with the economic data, so last week's rally was unconnected with the ecostats.
It was simply that investors fancied they had over-reacted to the bearish comments of New Zealand's central banker and prime minster. The kiwi might yet fall further, but its frantic burial was deemed premature.
And so, it appeared, had been sterling's elevation. After three weeks at or close to the top of the rankings the pound was seen to be ripe for a bit of profit-taking.
Anyone seeking a reason to sell it did not have to look far, because there was more disappointment than elation to be found among the UK economic data.
The biggest and most obvious excuse was provided by the pound's near-six-year high against the euro. There was a lengthy queue of people and companies eager to offload sterling close to a six-year high and their efforts encouraged parallel selling against other currencies.
Although the US dollar was unable to hold onto its position at the top of the leader board it had a decent week, strengthening by another two and a half cents against sterling.
Over the last month the dollar is the only major currency to have outperformed sterling, adding three and a half cents.
Its boost last week came from the US employment data, which showed more people working more hours as unemployment fell to a six-year low.
The number of people in on nonfarm payrolls went up by 100,000 more than expected, and the longer average work-week allegedly had the effect of adding a further half million to that tally.
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