It's getting more expensive for Kiwis heading overseas.

The New Zealand dollar is continuing to tumble, reaching a new two and a half year low of 74.81 against the US and 93.47 Australian.

The weakening of the Kiwi was prompted by the European Central Bank announcing its money printing programme overnight, leading to a strengthening of the US dollar.

Westpac market strategist Imre Speizer says there's added pressure on our dollar with speculation that the Reserve Bank may be forced to cut interest rates.

"That's not our view but we certainly think there's about a 30% chance of that happening, that is what the market has priced in, and it is selling the Kiwi as a result, certainly wanting to sell the Kiwi ahead of next week's Reserve Bank meeting."