The NZD/USD is the quote for the New Zealand Dollar, the base currency, quoted against the US Dollar, the quote currency.
NZD is the national currency of New Zealand and the legal tender of the Cook Islands, Niue, the Ross Dependency, Tokelau, and the British territory of the Pitcairn Islands. The New Zealand Dollar became the national currency of New Zealand in 1967, when it replaced the New Zealand Pound and its complex pounds, shillings, and pence system, or £sd, stemming from the Latin librae, solidi, and denarii.
July 10th, 1967, is Decimal Currency Day in New Zealand, the day the NZD and its decimal system replaced the New Zealand Pound at a rate of 2:1. The Reserve Bank of New Zealand printed approximately 27 million new banknotes and 165 million new coins for the changeover.
The New Zealand Dollar belongs to commodity currencies, referring to national currencies that move with commodity prices. Soft commodity prices can impact the New Zealand Dollar due to its exports of meat, dairy, fisheries, and wine, the top four exports, followed by forestry. New Zealand ranks among the most globalized economies, dependent on trade with China, Australia, the EU, the US, and Japan.
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The New Zealand dollar try to rally in the very early hours of Monday, but then fell apart, as we have seen risk appetite take a bit of a hit in multiple markets.
The bullish parade higher in the NZD/USD currency pair touched a price value of nearly 0.63030 on Thursday of last week.
The NZD/USD pair looks very week, as we had stretched far too high in the air, and now it looks like we are starting to drift a bit lower.
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The first thing I see is that we see a little indecisive at the moment.
After the overreaction and fall of the NZD/USD in the immediate wake caused by the interest rate cut in New Zealand, financial institutions began to show a bullish outlook.
The New Zealand dollar is very positive at the moment.
The New Zealand dollar has shot straight up in the air during the course of the Friday session breaking above the 0.62 level by doing so.
The New Zealand dollar has gone back and forth during the course of the trading session here on Wednesday as we wait for the FOMC meeting minutes.
It’s easy to see that the US dollar continues to struggle overall.
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The Kiwi dollar in the early hours on Thursday has fallen a bit, but it looks like we're hanging on to this 0.60 level for some type of bounce.
This morning’s early high was around the 0.60835 vicinity which touched values last seen on the 18th of July.
The US dollar and New Zealand dollar have been bouncing around against each other during the trading session on Tuesday, as it seems like we don't really know what to do
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Sign up to get the latest market updates and free signals directly to your inbox.In my daily analysis of the New Zealand dollar, it looked initially like we were going to continue taking off to the upside, but it's probably worth noting that we have shown signs of exhaustion.
The New Zealand dollar has exploded to the upside showing signs of strength yet again during the trading session on Wednesday mirroring what we saw on Tuesday.
The NZD/USD currency pair has not provided bullish traders with much opportunity for smiles recently.