The kiwi rose as high as 87.48 US cents overnight and was trading at 87.19 cents at 5pm in Wellington, from 87.12 cents at 8am and 87.32 cents at 5pm on Monday.
The trade-weighted index was little changed at 81.08 from 81.16 yesterday.
ECB president Mario Draghi told Dutch newspaper Telegraaf the central bank will continue to stimulate the regional economy until at least the end of 2016.
The prospect of low European rates for longer than previously anticipated sapped demand for currencies such as the kiwi, which had been fuelled by upbeat Chinese manufacturing data on Monday.
“Yesterday we had a China PMI report which was quite strong and that caused the Aussie and the kiwi to rise against the US, and that rise for New Zealand lasted until about 6pm yesterday and then it stopped as you had some negative news out of Europe,” Imre Speizer, senior market strategist at Westpac Banking Corp said.
“The kiwi still looks quite strong in the near-term, so I’d be picking it to break above 87.50.”
The New Zealand dollar was little changed at 92.48 Australian cents at 5pm from 92.50 cents on Monday and at 64.14 euro cents from 64.17 cents, but slipped to 88.89 yen from 89.01 yen.