The kiwi dollar fell to 63.72 euro cents as at 8am in Wellington.
The New Zealand dollar rose back above 70 US cents as investors were disappointed by caveats in the minutes to this month's Federal Reserve policy meeting as they raised uncertainty over the timing of US interest rate increases.
The kiwi climbed to 70.43 US cents as at 8am in Wellington
from 69.94 cents yesterday. The trade-weighted index advanced to 76.15 from 75.79 yesterday.
Minutes to the Federal Open Market Committee's meeting earlier this month said most members supported a hike in the federal funds rate in June provided the economic data met expectations and showed officials were planning to gradually shrink the central bank's balance sheet after years of expanding it through quantitative easing.
While a rate increase is still expected next month, the US dollar index dipped as investors wanted a clearer steer on the timing of the Fed's tightening.
"Markets did a bit of there-and-back on the release of the Fed's minutes; the USD bounced a tad but then retreated with the consensus being that markets were looking for more direct references to a June hike," ANZ Bank New Zealand chief economist Cameron Bagrie said in a note.
