The kiwi dollar dropped to 68.98 US cents as at 8:00am in Wellington from 69.18 cents late yesterday. The trade-weighted index fell to 73.29 from 73.44.
The Chicago Board Options Exchange Volatility Index (VIX), sometimes known as Wall Street's fear gauge, fell 1.6% from its highest level in about three weeks overnight while the CRB Index of 19 commonly traded commodities slipped about 0.1%. Prices of dairy products fell for the third straight auction on the GlobalDairyTrade auction last week.
Meanwhile, US President Donald Trump tweeted overnight that the US was "getting close" on tax reform.
Traders will be watching today for Australian October business confidence and Chinese retail sales and industrial production figures, while tonight Federal Reserve chair Janet Yellen is scheduled to talk on a European Central Bank panel along with her European, Japanese and British counterparts.
The kiwi traded at 52.60 British pence from 52.72 pence late yesterday. It rose to 90.44 Australian cents from 90.27 cents, fell to 59.11 euro cents from 59.50 cents and traded at 4.5799 yuan from 4.5977 yuan. It fell to 78.34 yen from 78.61 yen.
NZ dollar holds gains
Official cash rate unchanged at 1. 75 percent
The New Zealand dollar fell back below 69 US cents after measures of risk appetite and global commodity prices declined and optimism grew that US tax reforms are progressing, BusinessDesk reported.