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The New Zealand dollar tumbled from its recent highs above 87 US cents as the US dollar recovered last weekend.
The kiwi settled at 86.93 US cents in Wellington, previously 86.96 US cents and 87.20 US cents in New York close and in Wellington, respectively. The trade-weighted index inched lower to 81, from 81.04 on Friday.
The greenback retook some footing following it slipped, after the Federal Reserve last week reduced its postulation for US economic growth and lessened its forecast for long-term interest rates, gliding the country's trade-weighted currency index to a new record high.
“The kiwi weakened in response to the stronger US dollar over the weekend. It's a bit of a correction from the US dollar weakness after the Fed meeting. It's difficult to see it falling away,” said Peter Cavanaugh, Client Advisor at Bancorp Treasury Services.
Traders will watch migration figures and credit card spending in May, both due today. They also monitor tensions in Iraq, which could stir a flight to safety in currency markets, and China's flash HSBC PMI manufacturing data for May.
The New Zealand dollar was slightly changed at 51.07 British pence, previously 51.13 pence, at 63.97 euro cents from 63.98 cents, unchanged at 92.63 Australian cents and rose to ¥88.74, previously ¥88.81.
