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New Zealand Dollar NZD
Central Bank: Reserve Bank of New Zealand
Interest Rate: 0.25%
Public Debt to GDP Ratio, 2017: 32%
Trade Balance, 2017: -$1.39 bln.
Inflation, 2019: 1.6%
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 together with its Australian counterpart remained the weakest among most-traded currencies on the Forex market during today’s trading. The reason for such a poor performance was the outlook for monetary easing from the central banks of New Zealand and Australia.
The Australian versus the New Zealand dollar currency pair slipped under the ascending trendline. Is this the end of the bullish dominance?
The New Zealand dollar dropped today, falling against some of its rivals, like the US dollar, for the third consecutive day. The currency declined following the monetary policy announcement from the nation’s central bank. The Reserve Bank of New Zealand confirmed that it continues to prepare additional measures to stimulate the New Zealand economy.
The New Zealand dollar rallied strongly since the last year, though it was moving sideways since the summer months of this year. Last week was very good for the currency despite the sharp decline of New Zealand’s economy as the kiwi rivaled the Japanese yen for the title of the strongest currency on the Forex market. But what this week hold for the New Zealand dollar?
The New Zealand dollar was among the weakest currencies on the Forex market today amid the risk-negative sentiment among investors. Domestic macroeconomic data was also extremely bad, though not as bad as pessimistic forecasts.
The Australian versus the New Zealand dollar currency pair seems not to be prepared yet for the next upward leg. Is this just a delay or a bearish sign?
The New Zealand dollar rose today, managing to log gains against all other most-traded currencies (though by now, the kiwi has erased its rally versus the Great Britain pound). The likely reason for the currency’s great performance was the news about the easing of coronavirus-related restrictions in the country. The positive general market sentiment also likely played its part in the rally.
The New Zealand dollar was among the strongest currencies on the Forex market today, together with its Australian counterpart. The kiwi managed to rally despite the report that showed a drop in New Zealand’s manufacturing index.
Both domestic macroeconomic data and the general negative market sentiment were detrimental to the New Zealand dollar. But that did not prevent the currency from holding its ground today, rising at least a bit against all other most-traded peers, except for the Australian dollar.
The Australian versus the New Zealand dollar currency pair seems not to be willing to give in to any bearish request. But will the bulls succeed in their endeavor?
