The New Zealand dollar is seen as likely to continue to depreciate in the short-term due to Eurozone worries.
The kiwi has shed almost a cent against its American counterpart in the last 24 hours and is currently trading at about 78.8 US cents.
Westpac strategist Imre Speizer says fears that Spain will require a full bailout and uncertainty over how much more money Greece will get, has unnerved investors.
Mr Speizer says the kiwi is likey to depreciate further if US and European central banks don't announce some new stimulus to help underpin a slowing global economy.
A deterioration in global sentiment could see the kiwi fall to the low 70s (US cents), he said.