THE New Zealand dollar may extend its decline as the prospect of European Central Bank stimulus stokes demand for the greenback, while sliding business confidence locally saps demand for the kiwi.
It fell to 84.80 US cents at 5pm in Wellington from 84.95 cents at 8am and 85.36 cents on Wednesday.
The trade-weighted index dropped to 79.17 from 79.71 on Wednesday.
The kiwi fell to a two-month low 84.68 US cents on Wednesday after the greenback rallied on weak German employment data, which heightened speculation the ECB will stimulate the regional economy when it reviews monetary policy next week.
The local currency came under pressure after a survey showed New Zealand business confidence fell for a third month, the same day Fonterra cut its forecast payout to farmers on declining dairy prices.
"The market is looking to sell the kiwi and is looking for excuses," said Imre Speizer, market strategist at Westpac Banking Corp in Auckland.
The kiwi fell to 91.37 Australian cents at 5pm in Wellington from 92.18 cents on Wednesday to 86.23 yen from 87.03 and to 62.30 euro cents from 62.64 cents.
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