The New Zealand dollar was little changed, holding below 70 US cents, after a relatively small decline in dairy prices on the GlobalDairyTrade platform and little sign of progress in Greece's talks with creditors.
The kiwi traded at 69.84 US cents at 8:30am in Wellington, from 69.88 cents late yesterday.
The trade-weighted index was at 72.90 from 72.89 yesterday.
Dairy product prices fell to the weakest levels in almost six years overnight, with the GDT average winning price down 1.3 per cent to US$2,409.
Yet whole milk powder, the biggest product by volume that Fonterra sells through the auction, fell only 0.1 per cent to US$2,327 a tonne, which may prompt speculation prices are levelling off.