KEY POINTS:
The New Zealand dollar rose today after the release of the National Bank Business Outlook survey.
The survey showed a rebound in business confidence, particularly in expectations about businesses' own activity.
The turn in sentiment was welcomed as a step toward stopping pessimism becoming self-fulfilling.
By 5pm the kiwi was buying US70.25c, up from US69.76c at 8am, which was little changed from its level at 5pm yesterday.
It had tumbled from around US70.40c earlier this week but was not yet near the US68.20c of a fortnight ago, which was the NZ dollar's lowest level against the greenback for about a year.
Bank of New Zealand currency strategist Danica Hampton said that towards the end of the New York session a recovery in US stock markets had helped underpin yen crosses such as that with the kiwi, and the NZ dollar had rebounded off its lows against the greenback.
The US dollar scaled six-month peaks against the euro overnight, lifted by a jump in US consumer confidence and expectations of interest rate cuts in the euro zone but then retreated somewhat during the Asian session.
The NZ dollar also gained on the European currency, buying 0.4773 euro at 5pm from 0.4737 from yesterday's local close.
The kiwi was also up on the Australian currency at A81.67c by the local close from A81.11c at 5pm yesterday, and little changed against the yen at 76.55. The trade weighted index was 65.57 at 5pm from 65.11.
Reuters currency rates:
NZ dlr/US dlr US70.25c US69.70c
NZ dlr/Aust dlr A81.67c A81.11c
NZ dlr/euro 0.4773 0.4737
NZ dlr/yen 76.55 76.40
NZ dlr/stg 38.03p 37.76p
NZ TWI 65.57 65.11
Australian dollar US85.98c US85.92c
Euro/US dollar 1.4720 1.4708
US dollar/yen 108.95 109.69
- NZPA
