The New Zealand dollar rose has risen as high as 64.25 euro cents, its highest since the 17-nation currency entered circulation in 2002.

The New Zealand dollar rose after manufacturing data in the US unexpectedly shrank for the first time in three years.

Former World Bank operations director, Kiwi born Graeme Wheeler will be the new Reserve Bank Governor from September.

Equities slumped on both sides of the Atlantic overnight as concern prevailed that this week's two-day summit of EU leaders will produce little in the way of turning around the debt crisis.

The long decline in interest rates is coming to an end.

Inflation targeting, a monetary policy framework pioneered in New Zealand, is now widely discredited.

The economy grew by 1.1 per cent in the first three months of this year, more than double the rate expected by economists. This strong growth follows revised growth of 0.4 per cent in each of the previous three quarters.

Expectations that the US Federal Reserve will announce measures tomorrow to prop up the flagging economic expansion bolstered Wall St overnight.

The New Zealand dollar held above 79 US cents as leaders from the Group of 20 nations increased pressure on European Union policy makers.