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NZ dollar vs US dollar -
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The New Zealand dollar has pushed higher, after its surge on Thursday in the wake of comments from the Reserve Bank that were more hawkish than markets had expected.
From US72.38c at 5pm Thursday, the kiwi peaked at a two-week high near US73.20c at about 5.30am on Friday, nearly 2c above its level 24 hours earlier.
It then eased to be at US72.81c at 8am.
The central bank has kept the official cash rate at 2.5% but says if the economy continues to recover, conditions may support beginning to remove monetary stimulus around the middle of 2010.
That is sooner than it was previously indicating.
Reserve Bank Governor Alan Bollard has told Radio New Zealand the shift has been "fairly subtle", and he thinks there has been "a bit of an overreaction" to it, particularly on the foreign exchange markets.
The New Zealand dollar also rose to a three-week high against the Australian and European currencies.
From A79.12c at the local close against the Australian dollar, the kiwi peaked around A79.75c before easing to A79.48c by 8am.
From 0.4914 euro it peaked around 0.4970, then slipped back to 0.4948.
The dollar was also up to 64.22 yen at the local open from 63.70 the nigh before, while the trade weighted index climbed to 65.26 at 8am from 64.88 at 5pm.
ANZ bank says the kiwi has "found its wings" in the past 24 hours, after being on a steady march lower since the start of the month as global risk appetites deteriorated.
Clearly the Reserve Bank's Monetary Policy Statement was the catalyst, but strong Australian employment data and higher stock markets Thursday overnight are also likely to have supported at the margin, ANZ says.
