The New Zealand dollar slipped against the greenback as further delays in Greece's bailout package and credit rating downgrades of nine European nations sapped risk sentiment.
The New Zealand dollar eased to 82.80 US cents just after 8.30am from 82.96 cents yesterday at 5pm. But the trade-weighted index rose to 73.28 from 73.03.
Investors flocked to safe-haven currencies such as the greenback and the yen late yesterday after rating agency Moody Investors Service cut the sovereign credit ratings on Italy, Malta, Portugal, Slovakia, Slovenia and Spain.
It put Austria, France and the UK on notice. Sentiment was further dented after a European Union finance ministers' meeting on the Greek package was delayed.
ANZ senior dealer Alex Sinton says the Moody's downgrades were "enough to point the New Zealand dollar lower" and it remained in a consolidation phase overnight.
"We are once again in a holding pattern waiting for confirmation or denouncement of the bailout package for Greece," Mr Sinton says.
The New Zealand dollar rose to 63.28 euro cents from 63.06 cents yesterday and was up to 77.79 Australian cents from 77.62 cents.
It advanced to 65.05 yen from 64.61 yen.
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