The New Zealand dollar has fallen against the currencies of all the country's major trading partners, losing nearly half a cent against both the US and Australian dollars.
Bancorp Treasury Services client adviser Peter Cavanaugh said another weaker result at the Fonterra GlobalDairyTrade auction and some strong Australian dollar news pushed the currency lower.
"The big driver for the New Zealand dollar over the last 24 hours has been another fall in prices at the Fonterra GlobalDairyTrade auction," Mr Cavanaugh said.
"(It was) a 4.2 percent drop this time, and that's finally bringing the falling commodity prices into play and overriding the hunt for yield that had been benefitting the New Zealand dollar until recently."
Australia's economy grew 1.1 percent in the March quarter, taking annual growth to 3.5 percent, above economists' expectations of 3.2 percent.
"That actually is now reflected in the New Zealand-Australian exchange rate, which is now below 91 cents," Mr Cavanaugh said.
Just after 5pm, the New Zealand dollar was buying: 84.11 US cents, 90.73 Australian cents, 50.28 pence, 0.6177 euro, 86.35 yen and 5.26 renminbi.
Shares little changed
New Zealand shares were little changed, the benchmark Top 50 Index easing five points to 5159.
Hamilton, Hinden, Green director Grant Williamson said the weaker New Zealand dollar had helped some stocks.
"It has been a rather quiet day with relatively flat trading but Fisher and Paykel Healthcare are up nicely," Mr Williamson said.
"Overnight we saw another weak dairy auction for international prices, and that has seen the New Zealand dollar decline.
"Obviously, with Fisher and Paykel Healthcare having most of its revenue offshore in US dollars, that can only be positive for the company."
Fisher & Paykel Healthcare shares gained 5 cents to $4.50 and Metlifecare shares rose 8 cents to $4.48 but Xero shares fell $1.09 to $30.06.