THE New Zealand dollar may gain against the euro as investors prepare for the European Central Bank to review monetary policy amid fears the region's economy will continue to shrink this year.
The kiwi increased to 63.66 euro cents at 5pm in Wellington from 63.54 cents on Monday. It was little changed at 83.53 US cents from 83.55 cents at 8am, up from 82.94 cents on Monday.
Traders are preparing for the ECB to review its benchmark interest on Thursday and the bank is expected to keep its main refinancing rate at a record-low 0.75 per cent, according to a Bloomberg survey.
That comes as economists are picking the euro region's economy to shrink 0.1 per cent this year after a 0.4 per cent contraction in 2012, according to a Bloomberg survey.
"No one is expecting them to cut interest rates, but if you look at the situation in Europe, it continues to be pretty challenging over there," said Dan Bell, currency strategist at HiFX in Auckland.
New Zealand's currency "has got more potential to get back over 64 euro cents - overall, the New Zealand dollar has started the year in favour".
The euro got a fillip in Asian trading after Japan's Finance Minister Taro Aso said the world's third-biggest economy would buy bonds issued by the European Stability Mechanism to help weaken the yen.
The kiwi rose to 73.66 yen at 5pm in Wellington from 73.07 yen on Monday.
The kiwi dollar rose to 79.69 Australian cents from 79.14 cents after Australia reported a wider trade deficit than expected.
The trade-weighted index advanced to 75.17 from 74.82.
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