New Zealand Dollar (NZD)

New Zealand — Reserve Bank of New Zealand

New Zealand dollar — high-beta commodity currency tied to dairy, agriculture, and global risk.

FX Session:
Sydney
NZD/USD
0.59849
NZD/USD Exchange Rate
Economic Indicators
Indicator Latest Previous Change Date
Policy Rate 3.25 3.25 0.00 2025-06-04
Inflation 2.7 3.0 -0.30 2025-06-30
Core Inflation 2.7 2.7 0.00 2025-06-30
Gdp 109.606 108.262 +1.34 2025-06-30
Unemployment 5.2 5.3 -0.10 2025-06-30
Trade Balance 2637.0 -3457.0 +6094.00 2025-06-30
Retail Sales 613068.0 617264.0 -4196.00 2025-05-31
Ppi 2.7 3.0 -0.30 2025-06-30
Reserve Bank of New Zealand Press Releases
CFTC Commitment of Traders — NZD
Upcoming Releases
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  • Domestic Credit
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NZD Quick Links
NZD Pairs

About the New Zealand Dollar (NZD)

The New Zealand dollar (NZD), nicknamed the 'kiwi', is the official currency of New Zealand and several Pacific dependencies. It is one of the smaller G10 currencies but is among the most traded thanks to its role as a high-yielding commodity proxy.

Reserve Bank of New Zealand: monetary policy framework

The Reserve Bank of New Zealand (RBNZ) Monetary Policy Committee sets the Official Cash Rate (OCR) seven times per year. The RBNZ has a 1–3% CPI inflation target with a midpoint of 2%, and four of its decisions each year are accompanied by a Monetary Policy Statement.

What moves the NZD?

  • RBNZ Official Cash Rate and Monetary Policy Statement.
  • Global Dairy Trade (GDT) auction prices.
  • AU-NZ and US-NZ 2-year yield differentials.
  • China and Australia growth — New Zealand's biggest trading partners.
  • New Zealand CPI (quarterly) and labour-market data (HLFS).
  • Risk sentiment — NZD has high beta to global equity moves.

Key data and events to watch

  • RBNZ OCR decision and Monetary Policy Statement.
  • Quarterly CPI from Stats NZ.
  • GDT dairy auction every two weeks.
  • Quarterly Household Labour Force Survey.
  • China activity and AUD/NZD cross.

Frequently asked questions about the New Zealand Dollar

Why is the New Zealand dollar called the 'kiwi'?
The New Zealand one-dollar coin features the kiwi, a flightless bird native to New Zealand. Traders adopted 'kiwi' as the FX nickname for the currency in the 1980s.
How often does the RBNZ change interest rates?
The RBNZ Monetary Policy Committee makes seven scheduled OCR decisions per year. Four of those are accompanied by a full Monetary Policy Statement with updated forecasts and a press conference.
How does dairy affect NZD?
Dairy is one of New Zealand's largest single export categories. The fortnightly Global Dairy Trade auction sets reference prices for whole milk powder and other products, and large surprises in those auctions can move the NZD.
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