THE New Zealand dollar trade-weighted index is heading for a 0.9 per cent weekly gain as central banks in Australia and Europe kept their bias towards economic stimulation.
The trade-weighted index rose to 74.59 at 5pm in Wellington from 74.07 on Thursday, and was up from 73.89 at the start of the week.
The kiwi traded at 78.12 US cents from 73.87 cents at 8am, up from 77.79 cents on Thursday. The currency is heading for a 0.3 per cent weekly gain against the greenback.
The European Central Bank and Bank of England both indicated their key interest rates will stay near-zero for longer, as they deal with a region beset by sovereign debt woes. Earlier this week, the Reserve Bank of Australia said it still has scope to cut rates if its economic outlook deteriorates further.
"The broader theme coming to the fore with risk aversion feeding is New Zealand's relative economic story shining through," said Mike Jones, currency strategist at Bank of New Zealand.
"That's why the kiwi has outperformed through the week, particularly against those currencies whose central banks are still pressing the QE (quantitative easing) button."
The kiwi climbed to 60.53 euro cents from 59.87 cents on Thursday and to 78.40 yen from 77.68 yen. It was little changed at 85.51 Australian cents from 85.40 cents.
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