The New Zealand dollar is holding its record-breaking ground against the euro with it trading this morning at 62.65 euro cents this morning after reaching 62.72 euro cents on Tuesday.

This follows low confidence in Europe with nine nations there, including France, receiving a credit downgrade from Standard and Poor's last week.

France and Austria ratings were cut one level to AA+ from AAA, with negative outlooks. Italy, Portugal, Spain and Cyprus were downgraded by two steps and Malta, Slovakia and Slovenia were cut by one level each.

The New Zealand dollar was this morning trading at 79.36 US cents, down from 79.45 cents.