The New Zealand Dollar moved slightly lower today after reaching two week highs in early trading.
By 5pm today the kiwi was buying US71.87c from US72.06c at 8am and US71.32c at 5pm yesterday.
It retreated from the firm open ahead of a weekend in which investors have an eye on appearance of Federal Reserve chairman Ben Bernanke at a banking symposium in Jackson Hole.
A surge in Crude oil prices above $US120 ($NZ168) a barrel also took some steam out of the US dollar's recent strong recovery, helping the kiwi, but there is also selling pressure from investors who think interest rates will continue to fall here.
The ANZ bank said the NZ dollar's early gains were tentative, and could be seen as partly a rebound from oversold levels.
Along with the rise in the oil price, the broader commodities basket also gained strongly, ANZ said.
"Unsurprisingly, commodity currencies such as the NZD and AUD also gained."
By the local close the kiwi was buying 0.4831 EURO from 0.4828 at 5pm yesterday, and was at 78.30 yen from 78.17.
Against the Australian dollar, the kiwi was buying A81.75c at 5pm from A81.76c at the local close. The trade weighted index rose to 66.52 from 66.34.