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The currency pairing between the New Zealand dollar (NZD) and the United States dollar (USD) provides several distinct trading and investment opportunities. From a trading perspective, the consistent market liquidity and volatility of the NZD/USD is ideal for short term strategies rooted in technical analysis. To investors, the pair provides an opportunity to take long-term positions for or against the US dollar or New Zealand dollar.
The NZD/USD, known among currency traders as the "Kiwi," is considered a commodity pairing. A commodity pair's exchange rate tends to exhibit a correlation to the current market value of an underlying commodity. Typically, the commodity is local to one or both nation's economies. There are three major commodity pairings on the forex: USD/CAD, AUD/USD and NZD/USD. The commodities in question are crude oil, gold and various agricultural products (whole milk powder).
The prominent commodities related to NZD/USD are agricultural in nature, specifically dairy products. New Zealand is a top-five global exporter of dairy, and the transportation of milk powder, butter and cheese represent 21.2% of New Zealand's total exports.[1] New Zealand is the fourteenth-largest supplier of agricultural goods to the United States, totaling US$2.2 billion.[1] Generally, commodity dollars or "comdolls" exhibit a strong correlation to the prices of specific raw materials. For the NZD/USD, a correlation with the pricing of whole milk powder can impact exchange rate valuations in a bullish or bearish fashion. In the event that the market for whole milk powder rallies or crashes, volatility in the NZD/USD is very likely to become heightened.
Intraday volatilities facing NZD/USD can become magnified around the release of data relevant to New Zealand's dairy industry. It is important for traders of NZD/USD to be aware of release times concerning various WASDE agricultural reports, such as the New Zealand Dairy Auction. In addition, normal economic reports are capable of spiking participation in the Kiwi. Monetary policy decisions from the U.S. Federal Reserve (Fed), inflationary measures (CPI, PPI) or output metrics such as GDP may all enhance periodic exchange rate volatilities.
As previously mentioned, the NZD/USD is commonly used by traders and investors as a vehicle by which to execute a carry trade. A carry trade is one in which an investor sells a currency and invests the proceeds into another currency that has a higher yield. In a carry trade, profit is realized from the difference in interest rates and through exchange rate fluctuations. Historically, hawkish monetary policy from the Reserve Bank of New Zealand (RBNZ) has been the driving force behind the NZD/USD carry trade.
In normal economic conditions, the RBNZ has a track record of taking an aggressive stance towards managing inflation. Subsequently, the NZD typically operates with a higher prime rate than the currencies of other developed countries. When compared to other global majors such as the US dollar or euro, lending rates are high. For the year 2016, the RBNZ set interest rates at 2%, while the United States Federal Reserve (FED) established a rate of .5% for the USD.[3] The discrepancy between the interest rates of each country makes the NZD/USD attractive to traders and investors looking to incorporate the carry trade into their trading plan. Although a multitude of factors determine the success of a Kiwi carry trade, many investors prefer it to the buy-and-hold strategies of the S&P 500 or NASDAQ Composite.
The coronavirus (COVID-19) pandemic of 2020 brought forth a major challenge to the global economy. Widespread lockdowns, quarantines and travel bans impacted everything from cryptocurrencies to each USD pair traded on the forex. Upon the COVID-19 contagion reaching critical mass in late-February 2020, the NZD/USD exhibited extreme volatility. Initial losses for March measured 4.54% as the USD became a premier safe haven. However, the Kiwi rebounded quickly, posting a robust 17.6% rally in the subsequent eight months.[13]
Last updated on 11th January 2021.
Når FXCM udfører kundernes handler, kan FXCM blive kompenseret på flere måder, som omfatter, men er ikke begrænset til: spreads, opkrævning af provisioner ved åbning og lukning af en handel og tilføjelse af et tillæg til rollover osv. Provisionsbaseret prissætning gælder for Active Trader-kontotyper.
Gearing: Gearing er et tveægget sværd og kan dramatisk forstærke dit overskud. Den kan også lige så dramatisk forstærke dine tab. Handel med udenlandsk valuta/CFD'er med et hvilket som helst niveau af gearing er muligvis ikke hensigtsmæssigt for alle investorer.
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