NZ dollar retreats against greenback THE New Zealand dollar has slipped against the greenback after surging late last week when China unexpectedly cut interest rates and Europe's economy got support from the region's bank. THE kiwi was trading at 78.76 US cents in Wellington from as high as 79.47 cents in New York on Friday. The trade-weighted index fell to 78.57 from as high as 78.96 in New York trading. Stock markets rallied and the Australian and New Zealand dollars gained on Friday after China unexpectedly lowered interest rates for the first time since July 2012. The People's Bank of China cut its benchmark lending rate by 40 basis points to 5.6 per cent in a move that may support demand in the biggest market for Australia and New Zealand. "The move reflects Chinese policymakers' determination to keep growth above 7 per cent year-on-year," said Imre Speizer, strategist at Westpac Banking Corp."Markets reversed soon afterwards without any obvious catalyst." European Central Bank President Mario Draghi also pledged to do whatever was needed to underpin the economy. In New Zealand, traders will be eyeing data on migration on Monday, visitor arrivals on Wednesday, trade on Thursday and building consents and the ANZ business confidence survey on Friday. The New Zealand dollar traded at 92.83 yen, having reached as high as 93.63 yen on Friday. It was at 90.82 Australian cents, down from 90.90 cents in New York, declined to 63.67 euro cents from 63.90 cents in New York and was little changed at 50.36 British pence from 50.34 pence.