NZD/USD: The New Zealand Dollar and The U.S Dollar (Kiwi)
The NZD/USD currency cross (with the NZD as the base currency and the USD as the quote currency) is the official currency of New Zealand. The Kiwi is under the control and administration of the Central Bank of New Zealand and is also used in the Cook Islands, Niue, the Pitcairn Islands and Tokelau.
Nicknamed the ‘Kiwi’, the New Zealand Dollar accounts for more than two percent of the daily turnover of the entire Foreign Exchange Market. Since 1998 when the NZD was ranked 17th, it has climbed steadily to reach the recent rank of 10th on the Forex’s daily turnover following behind the Chinese Yuan.
History of the New Zealand Dollar
The New Zealand Dollar and the decimal system replaced the New Zealand Pound on July 10th of 1967, which is now called “Decimal Currency Day” in New Zealand.
The New Zealand Economy
New Zealand’s economy depends heavily on imports and exports. It trades for the most part with the EU (European Union), the United States, Australia, the Orient including China, Japan, Korea and Singapore. Its leading export products are in agriculture. Food processing, metal and wood fabrication, seafood and wool are the leading exports in manufacturing.
Factors Affecting the NZD/USD currency pair
Quantitative easing by Central Banks and the U.S. Federal Reserve have an impact. Rising and falling levels of employment, rising and falling commodity prices also have a direct effect on the currency rate.
Main export partners
United States 8.9%
Main import partners
United States 9.8%
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