News that Australian business investment rose in the second quarter while companies upgraded their spending plans for the year ahead bolstered the Aussie, weighing further on the kiwi, said Kelleher.
The kiwi was trading at A90.71c from 90.91c Wednesday.
Kelleher said the kiwi might have more downside to come as Europe opens later in the global trading day as "we are probably doing to see more (US) dollar strength".
He also said some election uncertainty may be creeping into the market three weeks ahead of the vote.
The kiwi fell to 79.22 yen from 79.69 yen and to 4.7284 yuan from 4.7785 yuan. It slipped to 60.34 euro cents from 60.62 cents and declined to 55.44 British pence from 56.14 pence.