New Zealand's current account deficit widened in the first quarter - as world dairy prices fell and more fuel was imported.

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

What are our top CEO's getting paid? Last year pay for NZ's bosses fell for the first time in eight years. See the full list here.

The New Zealand dollar fell from a one-month high after Federal Reserve Chairmen Ben Bernanke failed to signal further quantitative easing for the US.

The dollar rose almost one US cent on optimism European policymakers will act to stimulate the region's economy and provide aid for Spanish banks.

Economists are encouraged by a sharp surge in world dairy prices overnight, but say it is too early to say whether the downward trend in prices has been reversed.

The New Zealand dollar fell after G7 leaders nations agreed to a coordinated response to Europe's deteriorating financial crisis, though gave no guidance on how to do so.

World dairy prices were up from three year lows in the latest overnight auction.

The ANZ Commodity Price Index fell 4.2 per cent to a 21 month low in May.

New Zealand's terms of trade fell in the first three months of the year as a decline in commodity prices weighed on exports.

The NZ dollar was little changed as investors looked to put their money in low-risk assets such as Government bonds.