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.