Growing concerns about the Chinese slowdown and Middle East tensions have pushed the New Zealand dollar down.
The Kiwi reached a six month high against the US dollar last week, despite a hike in US interest rates, recent cuts to our OCR, and oil prices plunging to a ten-year low.
It's now buying 67 US cents, dropping more than a cent in five days on the back of growing investor uncertainty.
BNZ currency strategist Jason Wong said it's likely to drop further due to weakening equity markets and falling commodity prices.
"Given that surprising move, we think some seasonal factors may have caused the upswing in the New Zealand dollar,
"As we start the new year we think there's already some emerging down side potential for the New Zealand dollar and we think that will probably continue throughout the rest of the month."