Surprisingly soft inflation data put a dampener on the New Zealand dollar, which gained, then lost, half a US cent as the likelihood of an interest rate rise in June receded.
The March quarter consumers price rise of 0.4% was lower than expected, with the median forecast in a Reuters poll of economists a quarterly increase of 0.6%.
The latest increase, which followed a 0.2% fall in the December quarter, kept the annual rate at 2%.
Ahead of the data, the kiwi jumped from 70.95USc to a session high of 71.45USc, said Westpac senior market analyst Imre Speizer.
"People were expecting quite a bullish number."
The kiwi then settled back around US70.90c for most of the day, aside from a spike in the afternoon after a bullish outlook from the Reserve Bank of Australia suggesting more rate hikes ahead across the Tasman.
In contrast, the market is now pricing in about a 33% chance of a Reserve Bank rate rise in June, having pared it right back after the CPI data, Mr Speizer said. The first hike was now likely in July.
By 5pm, the kiwi was at 71.00USc, from 70.86USc late yesterday afternoon, having dropped to its lowed point in more than a week of 70.50USc overnight.
Against the aussie, the kiwi was at 76.46Ac from 77.04Ac at 5pm yesterday.
The kiwi was a touch firmer at €0.5265 and rose to ¥65.76 from yesterday's ¥65.21. It eased to 46.32p from 46.40p.
The trade weighted index was unchanged at 65.75.