The kiwi dollar climbed to a 16-month high on a trade-weighted basis after investors piled into currency after the Reserve Bank governor's statement yesterday.

Reserve Bank governor Graeme Wheeler has kept the official cash rate at 2.5 per cent and delivered a relatively upbeat Monetary Policy Statement.

The New Zealand dollar gained after a report proposed giving Greece two more years to meet budget targets.

The worst jobless rate so far this millennium only adds to the evidence that the economy has lost momentum since mid-year.