The New Zealand dollar was down more than a US cent since yesterday, largely because dairy prices keep falling.
ANZ senior foreign exchange strategist Sam Tuck said there were two fundamental drivers.
"Two specific events this side of the world driving the New Zealand dollar today. The first overnight was a further decline in the global dairy trade auction - in particular, the whole milk powder prices which were down 7.1 percent.
"This just confirms that the New Zealand economy and the New Zealand dollar specifically is not immune to the global commodity complex declines that are driving currency markets at the moment.
"To top that off, there was a weak Q3 GDP read from Australia this afternoon. It came in well under expectations with details relatively weak about the transition from mining to non-mining investment."
At 5.20pm today, the dollar was trading at 77.7 US cents, 92. Australian cents, 49.66 British pence, 0.6273 euro, 92.73 yen and 4.8 renminbi.
Meanwhile, New Zealand shares rose strongly today, the benchmark Top 50 Index climbing 73 points to 5503 by the close.
Chorus shares gained 23 cents to $2.74 after jumping 37 cents yesterday, but Spark fell a further 5.5 cents to $2.97 after shedding 9.5 cents yesterday.
Fisher & Paykel Healthcare rose 11 cents to $5.81, while and Serko shares gained 6 cents to $1.
