The BNZ says the New Zealand dollar is the strongest performing G10 currency in June to date.
Currency strategist Mike Jones says, having spent most of May on the back foot, the Kiwi has since rebounded more than five percent against the US dollar.
"What we're seeing in the currency markets is a bit of an ugly contest. Investors aren't sure who should have the weakest currency and New Zealand stands out as having one of the least worst economies around as well as Australia, so that's why we're still see both the Kiwi and the Aussie riding relatively high."
After breaking though the US 80 cents mark on the back to better than expected GDP figures yesterday, the Kiwi is back down around 78 US cents.
The fall's prompted by worries about the Spanish banking sector and big down-grades of some US and UK banks.