The New Zealand dollar fell as global risk aversion picked up again after US Treasury yield curve inverted briefly overnight, often viewed as a sign of looming recession.
The kiwi was trading at 64.35 US cents at 5pm in Wellington from 64.58 at 5pm. The trade-weighted index was at 71.61 points from 71.72.
"The key driver of all of this risk-off sentiment was yield curve inversion," said Kiwibank trader Mike Shirley.
The US Treasury yield curve inverted on Wednesday for the first time since June 2007, with yields on US 2-year notes rising above those on the 10-year note.
According to Refinitiv data it inverted as as much as minus 2.1 basis points but closed up 3.4 percent.