The kiwi pushed back over US70c today as the market waits on key employment data from the US.
BNZ currency strategist Sue Trinh said currency investors had been squaring their positions ahead of US non-farm payroll data out tonight.
At 5pm the kiwi was at US70.23c, up from US69.81c at 5pm yesterday.
Economists expect the US payrolls data, due early tomorrow New Zealand time, to show that 185,000 new jobs were created, compared with 274,000 in April.
Solid jobs growth would likely support expectations that the Federal Reserve will keep raising US rates, which stand at 3 percent after eight straight rises.
The European Central Bank kept rates at 2 percent last night, rejecting calls for a cut to help reverse the economic slowdown in Europe.
ECB President Jean-Claude Trichet said the best remedy for lumbering growth and mass unemployment was for the bank to deliver low inflation.
The Reserve Bank of New Zealand meets next week, and most analysts are now picking that the official cash rate will remain unchanged at 6.75 percent.
At 5pm, the euro was buying $US1.2285 ($US1.2193), while the kiwi was fetching 0.5716 euro (0.5723).
Meanwhile the greenback was at 107.83 yen (108.55), and the aussie was at US75.63c (US74.99c).
On its other crosses, the kiwi was buying A92.78c (A93.08c), 75.63 yen (75.72), 38.61 British pence (38.54), and 0.8781 Swiss francs (0.8768).
The trade-weighted index rose slightly to 70.25 (70.16), while the monetary conditions index was at plus 1041 (1032).
On the money markets, 90-day bank bill yields were at 7.04 percent (7.02), July 2009s were unchanged at 5.77 percent, and April 2015s were static at 5.65 percent.
- NZPA
<EM>Currency:</EM> Kiwi hovers above US70c
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