Otherwise, "we are at the mercy of what the US dollar does".
Bank of New Zealand senior markets strategist Jason Wong said the kiwi had fallen sharply since mid-April as sentiment for the US dollar improved.
"After spending much of the year stuck in a tight 0.72-0.74 range, our central view would be for the range to be a couple of cents lower nearer 0.70-0.72 over the next few months," he said in a note.
Wong also said that "New Zealand monetary policy won't be providing any support to the NZD over the foreseeable future. Indeed, the NZD lost its high-yield status some time ago and as the Fed Funds rate rises alongside a flat NZ OCR".
It traded at A93.34c from A93.28c on Friday in New York. It kiwi fell to 4.4617 yuan from 4.4652 yuan on Friday and traded at 51.81p from 51.89p. It was at 76.59 yen from 76.62 yen and at 58.70c euro cents from 58.74 euro cents.
New Zealand's two-year swap rate fell 1 basis point to 2.26 per cent and 10-year swaps fell 1 basis points to 3.19 per cent.