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NEW ZEALAND DOLLAR / US DOLLAR Trading
This currency pair measures how much 1 New Zealand Dollar is worth in US Dollars. The different sides of this currency pair can be affected by various factors such as central bank interest rate decisions, economic growth reports, and general market trends. Since New Zealand’s economy is heavily dependent on dairy exports, reports relating to the performance of this industry could also create currency volatility.
History of NZD USD Trading
New Zealand currency has a long history of over 160 years. The NZD is the official currency of New Zealand and is represented by the symbol $ or NZ$. New Zealand back in the 1800s used its banknotes and coins before British currency was even legal currency.
The US dollar caught up in the early 1920s, and by 1944, with the conception of the Bretton-Woods monetary system, the pound to dollar exchange rate was pegged at £1:$4.03. In 1971, the Britain pound became a free-floating currency as the Bretton-Woods system failed. Simultaneously the US dollar became free-floating, and the US decided to drop the gold standard.
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NZD/USD Trading FAQs
When Is the Best Time to Trade NZD/USD?
When Is the Best Time to Trade NZD/USD?
While forex pairs can theoretically be traded 24 hours a day, there are optimum times to trade the NZD/USD whenever the currency pair is more volatile. From midnight to 02:00 a.m GMT, 06:00 a.m. to 08:00 a.m. GMT and then the most active part of the day is between 12:00 p.m. and 17:00 p.m. GMT. The NZD/USD is also sometimes active from 21:00 p.m. through to 02:00 a.m. GMT.
What affects NZD/USD investing?
What affects NZD/USD investing?
Many factors can affect the NZD/USD market sentiment and spot rates, such as central banks policies, the price of commodities in each country, exports of both countries, economic growth, and political stability. Moreover, agriculture in New Zealand can affect the country’s economy. Two-thirds of New Zealand’s exports are agricultural, with the milk power being the world’s biggest exporter. Also, tourism can influence New Zealand’s economy and it will have a major impact on its currency.
Why Is the NZD/USD Currency Pair Significant to Traders?
Why Is the NZD/USD Currency Pair Significant to Traders?
New Zealand is very open to trade, so the NZD/USD currency pair is of great commercial importance to traders. Traders refer to this currency pair with the term “Kiwi” as the $1 coin of New Zealand depicts a kiwi bird.
Where Can I Find a Trusted Forex Broker to Trade NZD/USD?
Where Can I Find a Trusted
Forex Broker to Trade NZD/USD?
As you may already know, trading via CFDs (contracts for difference) is one of the most popular approaches when dealing with currencies such as NZD and USD. While 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.