After strengthening throughout the day yesterday against the greenback and the yen - as markets reacted to a €750 billion ($NZ1.3t) emergency loan plan to prevent a European sovereign debt crisis from spreading - the New Zealand dollar started weakening from about 8pm.
The kiwi climbed from around US70.70c early Saturday to near US72.95c before falling away to be at US72.27c by 8am today. Similarly it climbed from around 65 yen to above 68 yen, then eased to 67.37 yen at today's local open.
The euro initially rallied against the US dollar after the emergency plan was announced but then gave up gains as enthusiasm for the bailout faded and investors focused on whether the plan would be effective.
The NZ dollar started rising from below 0.5570 euro around 10pm to be at 0.5649 euro by 8am today.
In its morning briefing notes, ANZ said currencies went through "wild gyrations" yesterday and overnight as markets took stock of the European package.
"It appeared to be heavy on hope and desperate for detail delivering a subsequent move down for the EUR."
After a bumpy night against the Australian dollar, the kiwi was slightly higher at A80.08c at 8am from its 5pm level of A79.95c.
ANZ said that resulting aussie strength from the Australian budget coming out today, with expectations of a return to surplus two years earlier than previously forecast, should ensure the cross did not move above strong selling interests around the A80.50c level.
The trade weighted index lifted to 68.54 at 8am from 68.20 at 5pm.