Some analysts expect the New Zealand dollar to fall further against currencies used by key trading partners this weekend, as Greece and France elect new governments.
The kiwi slipped to 79.89 US cents early on Friday - it's lowest level in nearly four months - as international investors digested data which showed the New Zealand labour market was much weaker-than-expected.
It then recovered to levels where it was again buying 80 US cents, but a big trans-Tasman bank, Westpac said it had dumped part of its holdings in NZ dollars and advised its clients to do the same.
Currency strategist at Edge Capital Markets Graham Parlane says while banks give their view on the currency almost daily, the fact Westpac has outlined its own trading position is rare.
He agrees with the advice for clients to sell the Kiwi after a string of weak economic data topped off by Thursday's poor jobs figures. Mr Parlane is predicting it will fall to 75 cents.
Westpac says it has sold the Kiwi at 80.5 US cents and is picking it to go as low as 78 cents in the near future, and its senior markets strategist Imre Spiezer says US payroll data and elections in Greece and France could put more pressure on the New Zealand dollar over the weekend.
""If the outcome is a government (in Greece or France) which puts the adherence to fiscal goals at risk, the Kiwi will also fall," he said. "We've got a few events ahead which pose negative risk for the Kiwi dollar over the next few days".