Kiwi is trading strongly on the back of an upbeat rate statement from the RBNZ

The New Zealand dollar made strong gains yesterday, lifted by the prospect of the removal of monetary stimulus measures from the middle of 2010.

• The kiwi gained a further 1.2% on the poundafter the RBNZ, which as expected left interest rates on hold at 2.5%, said in its accompanying statement that if the economy continued to recover, conditions may support the removal of monetary stimulus "around the middle of 2010."
  
• Striking a hawkish tone at its policy meeting, the Reserve Bank of New Zealand signalled that it could follow other commodity producers such as Norway and Australia, and move to raise interest rates as early as next April.
  
• The New Zealand dollar was also given further support as Alan Bollard, RBNZ governor, indicated that he was less worried about the strength of the currency.
  
• In this morning's session the pound has pared its losses, recovering over a cent to bring the price back over 2.24.