The New Zealand dollar rose after comments from new Federal Reserve chair, Janet Yellen.
ANZ senior foreign exchange strategist Sam Tuck says Janet Yellen's message of business as usual from the Fed reassured investors.
He says broadly speaking Ms Yellen remains optimistic about the prospects for the US economy and relatively unconcerned about the weaker data of late.
Mr Tuck says she was not sufficiently concerned to revise forecasts down which is a positive for the markets and for risk instruments such as the New Zealand dollar.
He says Ms Yellen also indicated there would need to be a major change in the outlook for the US economy for the US stimulus programme to be markedly altered. Mr Tuck says that promotes stability in the markets and a risk positive sentiment.
He says there were two other influences with the US putting off their debt ceiling debate for another year and during the afternoon Chinese trade data showed a 10 percent increase in exports, giving a late boost in the currency.
At about 5pm on Wednesday, the Kiwi was trading at 83.42 US cents, 92.1 Australian cents, 50.7 British pence, 0.612 euro and 85.55 yen.
Sharemarket rises
The sharemarket also rose, the benchmark Top 50 Index gaining 21 points to 4870.
Mint Asset Management portfolio manager Anthony Halls says a lot of the focus is now on the reporting season.
He says the market opened strongly on Wednesday because there was strong impetus from European and US markets.
Mr Halls says the reporting season is ongoing in New Zealand and Australia and so far stocks have reported reasonably good results, for example on Tuesday ANZ and on Wednesday Commonwealth Bank both reported half year results slightly ahead of expectations.
He says that's given the bank sector a run on the market with both ANZ and Westpac up again in the New Zealand sharemarket on Wednesday.
Mr Halls says Xero made some new board appointments which look very credible in terms of the calibre of the individuals and their experience.
He says Goodman Fielder was a little down after reporting a result that was not as good as expected.
ANZ shares rose 27 cents to $33.49 on the NZX and Westpac gained 80 cents to $35.10.
Xero shares rose as high as $41.50 but ended the day at $39.90, down 10 cents on the day.
It has appointed former General Motors and Microsoft chief financial officer, Chris Liddell, as its chairman.
Goodman Fielder shares fell 2 cents to 69 cents.
