Sterling seems to have hit a 6, thanks to Bank of England Governor Mark Carney's warnings about a rate hike "moving closer."

Meanwhile, the Australian dollar (AUD), weighed down by commodity price weakness, is languishing at 6-year lows and the New Zealand dollar (NZD) is getting out for the golden duck (OK, enough with the cricket idioms now), having fallen some 17 percent against the U.S. dollar in 2015, not helped by the increasingly hawkish Federal Reserve.

At the start of 2014, economists at HSBC called New Zealand's economy the "rock star" of 2014. It was expected to outperform most other G-10 countries as a result of construction spending, the country's booming housing market and -- maybe most importantly -- rising dairy prices supported by strong demand from China. New Zealand is the world's biggest dairy exporter, accounting for a third of the world's trade.

Even if you are no economist, you will have heard that the once-insatiable Chinese demand has since slowed. Dairy prices have gone bad. The price of skimmed milk powder has slumped by almost 50 percent over the last 12 months, according to Global Daily Trade. While the Reserve Bank of New Zealand (RBNZ) was the first G-10 central bank to hike rates after the crisis in 2014, it has now dramatically reversed course.

In June, the RBNZ slashed interest rates for the first time since 2011 in response to the drastic fall in dairy prices. The market is now pricing in another cut as early as this Thursday, as well as in August.

"Given the weak rate of underlying inflation and steep falls in dairy prices, we recently shifted our profile to include easing at every meeting up to and including October," economists at RBC wrote in a note last week.