The New Zealand Dollar registered a rise, touching its two-week high against the U. S. Dollar on Wednesday, after investors cut their short positions on the Kiwi ahead of the Reserve Bank of New Zealand's monetary policy statement Thursday.

The kiwi shares registered a jump to $0.7049/57 at 0315 GMT from opening levels around $0.7034/37 and an offshore low of $0.6962. It hit a high of $0.7058, the best since Feb. 23.

Westpac market strategist Imre Speizer quoted that the market was already speculated to be relatively sluggish overnight as it waited for the release of the statement.

"The focus will now be on the Reserve Bank of New Zealand meeting early tomorrow, where we think the risks remain to the upside for the New Zealand Dollar", said Barclay's Capital strategist Yuki Sakasai.

Assistant Governor Philip Lowe augured that the economy would grow at, or above, average for the next couple of years thereby supporting a strong labor market.

Markets are anxious for the release of Thursday's Reserve Bank of NZ monetary policy statement, with the bank witnessed holding rates at a record low 2.5 percent and a repeated pledge of no rise before the middle of the year.