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GREAT BRITAIN POUND/ NEW ZEALAND DOLLAR TRADING
The GBP/NZD currency pair unites 2 of the world's most traded currencies. The Great Britain pound is the 4th most traded currency globally, and the New Zealand dollar is 10th. The GBP/NZD pair is commonly known as the "Kiwi" and is an example of a cross-currency pairing. It means that these 2 currencies can be traded directly without being converted into USD first. Since GBP/NZD can be prone to volatility and experience significant rate fluctuations, the pair can offer large potential for speculation.
Additionally, it can be a great alternative for experienced traders looking to diversify away from forex majors.
History of GBP NZD Trading
Great Britain pound dates back to 775 AD and evolved into its current form following decimalisation in 1971. GBP represents an important amount of daily trades around the world. The New Zealand dollar is newer and was introduced in 1967 to replace the New Zealand pound. Today, NZD has an average daily trading volume of $68B (USD).
The GBP NZD forex pair started in 2020 at 1.9647 and climbed to 2.0958 by 1 of April. The COVID-19 pandemic has triggered plenty of volatility ever since.
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GBP/NZD Trading FAQs
When Is the Best Time to Trade GBP/NZD?
When Is the Best Time to Trade GBP/NZD?
While forex pairs can theoretically be traded 24 hours a day, there are optimum times to trade the GBP/NZD whenever the currency pair is more volatile. From 08:30 a.m to 5:00 p.m, the GBP/NZD is usually busy (ET). This period keeps the GBP/NZD pair active and liquid throughout much of the US equity and futures exchange hours.
Why Is the GBP/NZD Currency Pair Significant to Traders?
Why Is the GBP/NZD Currency
Pair Significant to Traders?
The GBP/NZD pair is one of the world's most-traded fiat currencies. Traders can trade this pair directly without being converted. The GBP/NZD is a cross-currency pairing that has been growing in volume over recent years, driven by traders worldwide who are keen to cut costs and avoid volatility associated with the greenback. The fact that non-USD pairs are nοw more commοnly traded alsο means spreads have tightened, making it even cheaper tο move from one currency tο another.
Which factors can influence the GBP/NZD pair?
Which factors can influence the GBP/NZD pair?
One of the main factors affecting the GBP/NZD rate is the economic health of the UK and New Zealand and the political events. For example, Brexit's ongoing turmoil continues to weigh on the pound's value. The price of Britain pound and the New Zealand dollar can also be influenced by monetary policies enacted by the Bank of England and the Reserve Bank of New Zealand. As the latter is a commodity-based currency, the country's main trading partners are Australia, China and the US, and so NZD can face uncertainty if economic growth declines in any of these nations.
Where Can I Find a Trusted Forex Broker to Trade GBP/NZD?
Where Can I Find a Trusted
Forex Broker to Trade GBP/NZD?
As you may already know, trading via CFDs (contracts for difference) is one of the most popular approaches when dealing with currencies such as GBP and NZD. At the same time, there are numerous Forex brokers out there. Try to find one that suits your needs. Such as FP Markets, a fully regulated broker that offers all types of platforms and accounts, to suit every need.