The New Zealand dollar opened lower against the greenback today, dragged back by the Australian dollar.
It was also at a three-year low against the euro as offshore selling ensured support levels were tested and briefly broken.
At 8am the kiwi was buying US61.86c, down from US62.26c at 5pm on Friday.
Against the Australian dollar, it was up to A81.72c, from A81.55c on Friday evening.
ANZ Investment Bank said after trading between A80.80 and A81.80 for some time, the kiwi/aussie cross should be looking to strengthen towards A83.33 this week.
Against the euro, it was down at 0.4844 -- its lowest since October 2002 -- from 0.4855, while against sterling it opened at 32.96, up from Friday's two-and-a-half year low of 32.90.
The trade-weighted index opened on 61.49 from 61.74.
ANZ said it expected the kiwi to find its way from offshore participants and US dollar moves this week, as the market has little else on the local front to focus on.
However, the investment bank said support at US61.50 might come under threat after the release of April trade balance figures.
The following are Reuters currency rates:
8am today 5pm Friday
NZ dlr US61.86c US62.26
NZ dlr/Aust dlr A81.72c A81.55
NZ dlr/euro 0.4844 0.4850
NZ dlr/yen 69.07 69.12
NZ dlr/stg 32.96 32.90
NZ TWI 61.49 61.62
Australian dollar US75.71c US76.33
Euro/US dollar US1.2774 US1.2836
US dollar/yen 111.64 110.82
- NZPA
<i>Currency:</i> Kiwi dips against US dollar, euro
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