Early trading this morning in the NZD/USD has seen the currency pair sustain a climb from support levels yesterday and produce cautious buying as the U.S Juneteenth holiday affects trading.
Technical Analysis
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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Technical Analysis
Technical Analysis