THE New Zealand dollar has gained against the greenback and euro ahead of the European Central Bank reviewing its monetary policy amid signs the 17-nation bloc's economy is deteriorating.
The kiwi rose to 83.80 US cents at 5pm in Wellington from 83.50 cents at 8am and 83.55 cents on Tuesday. It advanced to 64.09 euro cents from 63.63 cents on Tuesday.
European central bankers are expected to keep the benchmark interest rate at a record low 0.75 per cent when they review monetary policy settings at their Thursday meeting, as weaker economic figures spark fears about the region's ability to recover from its sovereign debt crisis.
Euro-zone unemployment rose to a record 11.8 per cent in November, according to Eurostat data, while separate data showed Germany's exports dropped more than expected in the same month.
"The kiwi/euro might continue to rally up if people talk about cutting rates" at the ECB meeting, said Tim Kelleher, head of institutional FX sales NZ at ASB Institutional in Auckland.
The currency "looks a little over-stretched at 64/64.50 euro cents."
The New Zealand currency has decoupled slightly from US equities, with stocks on Wall Street falling in the lead-up to fourth-quarter earnings season, and Mr Kelleher said it would probably get sold at 84/84.50 US cents.
The kiwi dollar increased to 79.84 Australian cents from 79.71 cents on Tuesday after government figures showed consumer spending across the Tasman unexpectedly shrank 0.1 per cent in November.
New Zealand's currency gained to 73.27 yen from 73.10 yen after Reuters reported the Bank of Japan will consider monetary easing this month and may double its inflation target to two per cent.
The trade-weighted index advanced to 75.45 from 75.16.
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