The New Zealand dollar has slipped after reaching a high of almost 64 US cents on Tuesday night. Investors are wary of talk about "green shoots of recovery".
The currency hit an offshore high of 63.96 cents, buoyed by an improvement in local business confidence and a decision by the Reserve Bank of Australia to keep rates on hold at 3%.
But the kiwi weakened as US stock markets fell on concerns the economy is not recovering as fast as hoped. At 11.25am on Wednesday, it was trading at 62.8 US cents.
BNZ foreign exchange manager Brendan Marsh says the New Zealand currency is still at the whim of global markets and economic news.