The New Zealand dollar has hit a four-year high against the Australian currency as the downturn in commodity prices hurt investor sentiment in Australia.
The kiwi briefly touched 84.3 Australian cents on Monday for the first time since January 2009, before retreating slightly.
ANZ foreign exchange senior manager Sam Tuck said the New Zealand and Australian currencies are under pressure with the revaluation of the US dollar.
However, he said there is also a perception among investors that New Zealand is more resilient to the downturn in commodity prices than Australia.
Australian stocks also fell sharply late last week, partly due to concerns about the weakening mining sector.
More than $A50 billion was wiped off the value of its share market on Thursday and Friday.