The New Zealand dollar rose against the greenback today, but is expected to come under pressure this week ahead of the European Central Bank meeting at Frankfurt on Thursday.
The kiwi recently traded at US80.12c, up from US79.91c in the morning.
It was at 71.90 on the Trade Weighted Index against major trading partners' currencies, down from 72.10 in the morning.
Westpac market strategist Imre Speizer said the kiwi had been heavy during today's trading session.
''It is lower than where it was trading on Friday night when the US Federal Reserve chairman Ben Bernanke as expected signalled quantitative easing which pushed the kiwi up a bit but it didn't really follow through, '' Speizer said.
''Weak Chinese PMI data over the weekend and weak aussie retail sales numbers [down 0.8 per cent for July] also hurt the kiwi.''
On the crosses, the kiwi recently traded at 77.99 Australian cents, up from AU77.76.
It was at 63.68 euro cents, up from 63.61 euro cents earlier. It rose to 62.76 Japanese yen, up from 62.59 yen.
It was at 50.48 pence, up from 50.30 pence earlier. Speizer expected the kiwi to remain under further pressure this week ahead of a European Central Bank meeting where a ''token'' interest rate cut was expected.
''The markets are looking for the European Central Bank to enter the bond market but it's ulikely that will get delivered.''
The kiwi was expected to trade between US79.70c and US80.30c overnight, with a bias towards the downside.
- © Fairfax NZ News