The New Zealand Dollar was unable to push much higher after its initial rise yesterday afternoon following the release of the National Bank Business Outlook survey.
The survey showed a rebound in business confidence, particularly in expectations about businesses' own activity, and when it was published the kiwi raced up about four-tenths of a cent to around US70.20c.
For much of the overnight session it was around that level, getting no higher than a brief spike to US70.45c early today, which was then followed by a sharp dip to around US69.70c before rebounding to US70.17c by 8am today.
Bank of New Zealand currency strategist Danica Hampton said the NZ dollar was knocked from its highs against the greenback after stronger than expected US durable goods data gave the US currency a bit of a boost.
But the US dollar tumbled from six-month peaks against the EURO, as comments by a European Central bank official rekindled speculation about an interest rate increase in the euro zone to quell persistent inflation pressure.
Among other factors affecting the greenback, a research note from Brown Brothers Harriman also said technical conditions warned of a possible sharp US dollar pullback.
The NZ dollar edged down against the euro to 0.4765 by 8am from 0.4773 at 5pm yesterday, but rose against the yen to 76.90 from 76.55.
The kiwi was also little changed against the Australian dollar at A81.75c by the local open from A81.67c at 5pm, while the trade weighted index was 65.58 at 8am from 65.57.