Westpac market strategist Imre Speizer says the New Zealand dollar may go below 70 cents against its US counterpart, due to the ripple effect of worries about another recession in Europe and the United States.
The dollar reached a six-month low of 75.11 US cents on Tuesday morning, and was at about 75.2 US cents at 11.55am.
Last week, Mr Speizer, said he expected the dollar to fall to 71 US cents in coming weeks.
Mr Speizer now says that if Greece defaults, financial markets will become disfunctional and the dollar could drop further.
He says investors are flocking to 'safe haven' currencies like the Japanese yen and the US dollar because of investor pessimism about the state of the global economy.