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New Zealand Dollar NZD
Central Bank: Reserve Bank of New Zealand
Public Debt to GDP Ratio, 2015: 33.5%
Trade Balance, 2015: -$1.01 bln.
Inflation, 2015: 0.7%
Major commodity exporter
weak
The New Zealand dollar is the currency that is used in New Zealand, as well as in the Cook Islands, Niue, Tokelau, and the Pitcairn Islands. It is often nicknamed “kiwi”. The currency replaced the New Zealand pound in 1967. It is about 10th most-traded currency in the world and is often used in carry trade because of relatively high interest rates in New Zealand. The major industry of New Zealand is agriculture, wool, meat and dairy products being the most important components of the sector. Australia is the main trading partner of New Zealand and China is the second-biggest.
The New Zealand dollar fell together with other commodity currencies after the surprise cut of China’s credit rating (the fact that the Asian country is the biggest trading partner of New Zealand was not helping the matter). Yet the currency has recovered as of now, partially due to the help of positive domestic data.
Commodity currencies were rising today thanks to the rally of crude oil prices, and the New Zealand dollar was not an exception. But the kiwi had also its own reasons for posting gains.
The New Zealand dollar slumped today, tumbling more than 1% against its most-traded peers, after the monetary policy statement released by the central bank turned out to be not so hawkish as market participants had expected.
The New Zealand dollar rose today, avoiding the slump that other commodity currencies suffered due to the drop of crude oil prices. Domestic macroeconomic data likely helped the kiwi.
The New Zealand dollar rallied today following the release of impressive employment data, but the currency was unable to hold gains for long. Currently, the kiwi trades flat versus the US dollar and trimmed its gains significantly versus other most-traded rivals.
The New Zealand dollar dropped on Wednesday against its US peer to continue a steep decline that began on April 24. Today’s declined followed remarks made by US President Donald Trump on Twitter regarding the US dairy industry yesterday.
The New Zealand dollar fell today, dropping for the fourth consecutive day against the Japanese yen, following the release of the trade balance report that failed to meet market expectations.
The New Zealand dollar climbed today thanks to the positive manufacturing report released overnight and the supportive general market sentiment.
The New Zealand dollar was almost flat against its US counterpart but fell against such currencies as the euro and the Japanese yen amid underwhelming domestic macroeconomic data and the unfavorable general market sentiment.
This week’s trading has started with a risk-positive sentiment on the Forex market. That, coupled with favorable domestic data, made the New Zealand dollar open sharply higher, though the currency has retreated by now.
