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The impact on the New Zealand dollar of Reserve Bank Governor Alan Bollard's surprise statement yesterday morning wore off today.

By 5pm today the kiwi was up to US56.80c, around its session highs.

After Dr Bollard spoke about his concern at recent rises in long-term wholesale interest rates, the dollar dropped 1c like a stone to US56c.

"It has closed on its highs," said Murray Hindley, chief foreign exchange dealer at ANZ Institutional Bank, about trading today.

He said the focus tonight would be on an interest rate decision by the European Central Bank (ECB) and the Group of 20 meeting.

Major currencies were in limbo today as markets waited for news.

The ECB was expected to cut its benchmark interest rate to a record low of 1 per cent and there was speculation it would also move to boost the supply of money.

By the local close the NZ dollar was at 0.4278 euro from 0.4219 at 5pm yesterday, and at 56.05 yen from 54.99.

Against the Australian dollar, the NZ dollar was at A80.78c from A80.90c at the local close.

The trade weighted index was 56.69 from 56.01.

Currency rates:

5pm today 5pm yesterday

NZ dlr/US dlr US56.80c US55.74c

NZ dlr/Aust dlr A80.78c A80.90c

NZ dlr/euro 0.4278 0.4219

NZ dlr/yen 56.05 54.99

NZ dlr/stg 39.16p 38.96p

NZ TWI 56.69 56.01

Aust dlr/US dlr 70.26c 68.84c

Euro/US dlr 1.3274 1.3210

US dlr/yen 98.72 98.70