Commodity currencies "are all lower against the USD overnight as oil gave back part of its large gains over the past week as the market awaits signs of rebalancing," Doug Steel, economist at Bank of New Zealand, said in a note. "The NZD was not helped by dairy prices easing 1.6 per cent at the latest GDT auction, against expectations of a small rise."
The employment figures are expected to show the jobless rate fell to 4.8 per cent from 4.9 per cent while employment growth slowed to 0.7 per cent from 1.2 per cent in the first quarter. Wage pressures probably remained tepid.
Traders are also watching for a speech on banking regulation by Reserve Bank deputy governor Grant Spencer this morning.
The kiwi rose to 93.68 Australian cents from 93.48 cents yesterday. It fell to 63.28 euro cents from 63.43 cents and slipped to 82.42 yen from 82.69 yen. It declined to 56.54 British pence from 56.77 pence and traded at 5.0163 yuan from 5.0409 yuan.