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 NZD/USD attained new short and near-term lows early this morning, but technical traders who are wagering on downside should remain attentive to shifting sentiment.
In my daily analysis of the NZD/USD currency pair, the first thing I see is that we are going back and forth during the Monday session, as we are trying to figure out what we are going to do.
The New Zealand dollar has plunged during trading on Wednesday.
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I’ve noticed that the New Zealand dollar has fallen pretty significantly during the trading session on Friday.
The New Zealand dollar broke down a bit during the course of the trading session on Thursday, as it looks like we are going to reach towards the 0.62 level.
The New Zealand dollar initially did try to rally during the trading session on Wednesday but then turned around to show signs of exhaustion.
The downwards momentum in the NZD/USD the past two days of trading has brought the currency pair back to curious technical support ratios which are likely to attract speculative wagers.
The New Zealand dollar initially pulled back a bit during the Friday session, only to turn around and show signs of life again.
The NZD/USD exchange rate has seen another dose of strong buying and earlier this morning propelled to heights last seen in December 2023.
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The first thing I see is that we are rapidly approaching a major resistance barrier in the form of the 0.6350 level.
The NZD/USD pair has rallied quite significantly to reach towards the 0.63 level, an area that has been a major resistance barrier more than once.
The U.S Fed interest rate cut of 0.50% on Wednesday caused an immediate jump higher in the NZD/USD.
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The first thing I see is that this asset has rallied quite nicely, but it is still very much in a range that is somewhat well-defined.
The NZD/USD is around the 0.61435 price as of this writing with typical fast changes been seen.