The New Zealand dollar has fallen after global equity markets dropped on retail sales data in the United States.
Retail sales in April fell by 0.4%, denting optimism that an economic recovery was imminent.
The New Zealand dollar hit 61.3 US cents on Monday - its highest point this year - but fell to a little over 59 US cents on Wednesday night from just under 61 cents US.
At 12.50pm, the New Zealand dollar was trading at 59.37 US cents, 78.67 Australian cents, 39.19 pence, 56.65 yen and 0.4372 euro. The Trade Weighted Index was at 57.62.
Westpac markets strategist Imre Speizer says the fall is an indication that investors were getting ahead of themselves picking a recovery.
He says the dollar will continue to be at the mercy of sentiment on global markets.
