The New Zealand dollar briefly spiked to a week-high near US50.90c after the release of United States job figures, but then quickly fell away.

By 8am today the kiwi was buying US50.31c, just a little up on the US50.16c at 5pm on Friday, having peaked early on Saturday.

BNZ Capital currency strategist Danica Hampton described the 651,000 jobs fall in the US and rise in unemployment rate to 8.1 per cent as "awful".

The data triggered a brief bout of US dollar weakness with the kiwi pushing up towards US51c, she said.

But anticipation the Reserve Bank will cut interest rates on Thursday and some supply of the kiwi against the Australian dollar meant bounces in the NZ dollar against the greenback were limited.

By today's local open the kiwi was down to 0.3975 euros from 0.3990 at 5pm on Friday, while the NZ currency was up against the Australian dollar, to A78.51c from A78.15c.