The New Zealand dollar has fallen to its lowest level against the greenback in more than three years.

The kiwi was down to 74.25 US cents this morning.

That's come as investors sell euros and buy US dollars in anticipation of a revived American economy.

The high US dollar is in turn pushing other currencies down.

The kiwi is now at its lowest level against the greenback since November 2011, when it fell under 74 cents.

Interest rates in the US are expected to rise this year.

That's good news for local exporters, but not so good for consumers.