The New Zealand dollar bounced overnight as manufacturing data from the United States and Europe pointed to 
further recovery in the global economy.
Around 8am today the New Zealand dollar was up to US70.81c from US70.02c at 5pm yesterday.
ANZ National Bank said failed attempts to push lower in the local and late Asian sessions yesterday meant the kiwi dollar bounced overnight.
The Reserve Bank of Australia’s interest rate decision at 4.30pm this afternoon loomed large as the major event of the day, with most commentators expecting a lift of 25 basis points.
BNZ Bank Capital strategist Mike Jones said that sentiment towards growth-sensitive currencies such as the NZ dollar had recovered overnight.
Global manufacturing data provided a clear reminder that the outlook for the global economy in 2010 was much better than in 2009.
Against the Australian and the New Zealand dollar was moderately higher at A79.57c at the local open from A79.36c at 5pm, while the trade weighed index was 65.23 at 8am from 64.66 at 5pm.
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