The New Zealand dollar started the week a little weaker as investors reflect on the ongoing uncertainty about Greece's leadership after nothing new came out of the Group of 20 leaders' summit.
The kiwi was at 79.15 US cents at 8am, down from 79.28 cents at 5pm on Friday.
As
the New Zealand day got under way there was speculation that Greek Prime Minister George Papandreou was about to resign, while analysis of G20 meeting in Cannes at the weekend was more about what was not achieved than what was.
The G20 leaders said they stood ready to provide more resources to the International Monetary Fund, while US president Barack Obama was hopeful that Europe could solve its debt crisis. They agreed to accelerate a move towards market-driven exchange rates and mentioned China for the first time in this context.
"When you stand back it was interesting that they talked about the need for more market drive for exchange rates and singled out China for the first time," said Mike Burrowes, market strategist at Bank of New Zealand.
