The New Zealand dollar fell as dairy prices rose as expected in the latest GlobalDairyTrade auction and traders looked ahead to Reserve Bank governor Graeme Wheeler's select committee appearance.

The kiwi dollar fell to 71.08 US cents as at 8am in Wellington, and earlier dipped as low as 70.98 cents, from 71.33 cents late on Tuesday. The trade- weighted index fell to 77.96 from 78.20.

Whole milk powder climbed 4.9 per cent to $US3593 a tonne at the auction overnight which met expectations.

See live rates for the NZ-US $ below. Click for more information:NzForex Foreign Exchange Transfers

It was the eighth gain in nine auctions, reflecting a decline in supply.

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"(It) provided no significant surprise," said BNZ's Kymberly Martin. "Fundamentals suggest the risks are tilted toward near-term price gains, but potential for some consolidation during 2017."

Wheeler is due to appear before the finance and expenditure select committee to answer questions on the annual review of the bank.

Martin said "there is potential for market relevant discussions," when Wheeler fronts.

Investors are also awaiting Australian third-quarter gross domestic product today, which is expected to show a 0.1 per cent decline.

The kiwi declined to 95.35 Australian cents from 95.82 cents after the Reserve Bank of Australia kept its key rate unchanged.

The kiwi traded at 66.33 euro cents from 66.44 cents, it fell to 4.8889 yuan from 4.9115 yuan, dropped to 81.07 yen from 81.36 yen and was at 56.08 British pence from 56.11 pence.