NZD/USD is the price of one New Zealand dollar in US dollars. The “Kiwi” is the smallest of the major currencies and one of the most sensitive to global mood: it follows dairy prices, Chinese demand, the Australian dollar and risk appetite, against a background set by the Reserve Bank of New Zealand and the Federal Reserve.
Key takeaways
- New Zealand’s economy is small and export-led, so outside forces often move the Kiwi more than domestic news.
- Dairy is the country’s largest export. Global Dairy Trade auctions, held every two weeks, are a regular reference point.
- The Reserve Bank of New Zealand announces decisions at 14:00 Wellington time, seven times a year. Inflation and jobs data are quarterly, so each release carries extra weight.
- One pip is 0.0001 and is worth $10 on a standard lot.
- Liquidity is thinner than in other majors, so spreads are wider and moves can be sharper.
| What the quote means | US dollars needed to buy one New Zealand dollar |
|---|---|
| Base / quote currency | New Zealand dollar (NZD) / US dollar (USD) |
| Nickname | Kiwi, after the bird on the one-dollar coin |
| Pip | 0.0001, the fourth decimal place |
| Pip value, 1.00 lot | $10 |
| Contract size, 1.00 lot | 100,000 NZD |
| Most active window | Asia-Pacific morning, roughly 21:00–04:00 UTC, then US data |
| Central banks to watch | Reserve Bank of New Zealand, Federal Reserve |
| Moves closely with | AUD/USD |
| At Marketsall | Not currently offered; available pairs are listed on the Currencies page |
What is NZD/USD and how is it quoted?
The New Zealand dollar is the base currency, so a price of 0.6000 means one New Zealand dollar costs 60 US cents. Wellington is the first major financial centre to start each trading day, which makes NZD/USD one of the first pairs to react to weekend news. Quoting basics are in what forex trading is and major, minor and exotic pairs.
What moves NZD/USD?
| Driver | How it tends to work | What to watch |
|---|---|---|
| Dairy and other farm exports | Higher dairy prices lift export income and tend to support the Kiwi. | Global Dairy Trade auction results, every two weeks |
| China and Australia | China is New Zealand’s largest export market and Australia its closest economic partner, so the Kiwi usually follows the Aussie. | China PMIs, AUD/USD guide |
| Interest rate expectations | The Reserve Bank of New Zealand was the first central bank to adopt a formal inflation target, in 1990, and markets watch its rate track closely. | RBNZ decisions and Monetary Policy Statements, hawkish vs dovish |
| Risk sentiment | Like the Aussie, the Kiwi tends to rise with equities and fall when investors seek safety. | risk-on vs risk-off |
| US data and the Fed | The dollar side of the pair. | US CPI, Non-Farm Payrolls, FOMC meetings |
Because New Zealand publishes inflation and employment figures only once a quarter, there are fewer domestic data points than for other majors. When one arrives, the reaction is often larger than the equivalent release would cause elsewhere.
When is NZD/USD most active?
| Event | Local time | UTC | Frequency |
|---|---|---|---|
| RBNZ rate decision | 14:00 Wellington | 01:00 (Sep–Apr) / 02:00 (Apr–Sep) | Seven times a year |
| New Zealand CPI | 10:45 Wellington | 21:45 / 22:45 the previous day | Quarterly |
| New Zealand jobs data | 10:45 Wellington | 21:45 / 22:45 the previous day | Quarterly |
| Global Dairy Trade auction | Tuesday, European afternoon | Varies | Every two weeks |
| US CPI and Non-Farm Payrolls | 08:30 ET | 12:30 summer / 13:30 winter | Monthly |
See global market trading hours and the economic calendar. For the weekly open, see what time the forex market opens on Sunday.
NZD/USD pip value and position size
| Lot size | Units | Value of 1 pip | Value of a 50-pip move |
|---|---|---|---|
| 1.00 (standard) | 100,000 NZD | $10.00 | $500 |
| 0.10 (mini) | 10,000 NZD | $1.00 | $50 |
| 0.01 (micro) | 1,000 NZD | $0.10 | $5 |
Suppose NZD/USD is at 0.6000 (an illustrative price) and you open 0.10 lots. The position is worth NZ$10,000, or $6,000. At 1:200 leverage the margin is $30. The pip is still worth $1, so a 40-pip move against you costs $40, a third more than the margin. Set the size with position sizing.
NZD/USD vs AUD/USD
| Feature | NZD/USD | AUD/USD |
|---|---|---|
| Key exports | Dairy, meat, forestry | Iron ore, coal, natural gas |
| Central bank meetings | Seven a year | Eight a year |
| Inflation data | Quarterly | Monthly |
| Liquidity and spreads | Thinner, wider | Deeper, tighter |
| Pip value per 1.00 lot | $10 | $10 |
| Read more | This guide | AUD/USD guide |
The two pairs usually move in the same direction on the same day. Holding both is mostly one position taken twice; see correlated positions.
What it costs to trade NZD/USD as a CFD
As a CFD, NZD/USD is traded without delivery of currency: the account is credited or debited with the price difference. See what a CFD is and spot FX vs CFDs.
| Cost | When it applies | Note for NZD/USD |
|---|---|---|
| Spread | Every trade, at entry | Wider than EUR/USD or AUD/USD, and widest in the hour around the New York close when only Wellington is open |
| Commission | Varies by provider; Marketsall does not charge commission on the currency pairs it offers | Cost is built into the spread |
| Swap | Positions held past the daily rollover | Depends on the gap between New Zealand and US rates and on your direction. See triple swap Wednesday. |
| Slippage | Fast markets, gaps, news | Most likely at the weekly open, around RBNZ decisions and on quarterly data |
Key risks
Thin liquidity. The same order moves the price further than in larger pairs, and spreads widen more in quiet hours.
Weekly open gaps. Wellington opens first, so weekend news is priced here early. See gap risk.
Outside shocks. China, commodities and global risk appetite can dominate local fundamentals.
Leverage. A low price means low margin per lot, which makes oversizing easy.
Risk warning. Trading CFDs carries a high level of risk since leverage can work both to your advantage and disadvantage. As a result, the products offered on this website may not be suitable for all investors because of the risk of losing all of your invested capital. You should never invest money that you cannot afford to lose, and never trade with borrowed money.
Is NZD/USD available at Marketsall?
NZD/USD is not currently offered at Marketsall. The currency pairs available on MetaTrader 5 and Web Trader are listed, with live prices, on the Currencies page.
Frequently asked questions
Why is the New Zealand dollar called the Kiwi?
The kiwi is a flightless bird native to New Zealand and a national symbol. It appears on the country’s one-dollar coin, and traders use “Kiwi” as shorthand for the New Zealand dollar and for the NZD/USD pair.
How much is one pip worth in NZD/USD?
One pip is 0.0001. On a standard lot of 100,000 New Zealand dollars a pip is worth $10, on a mini lot $1 and on a micro lot $0.10. The value is fixed in US dollars because the US dollar is the quote currency.
Why does NZD/USD move with AUD/USD?
New Zealand and Australia are close trading partners, both export commodities, both sell heavily to China and both currencies are treated as sensitive to global growth. The same news tends to move them in the same direction, so NZD/USD and AUD/USD are usually highly correlated.
How do dairy prices affect the New Zealand dollar?
Dairy products are New Zealand’s largest export. When global dairy prices rise, export income increases and demand for New Zealand dollars tends to grow. The Global Dairy Trade auction, held every two weeks, is the benchmark traders watch.
When is NZD/USD most active?
NZD/USD is most active in the Asia-Pacific morning, from about 21:00 to 04:00 UTC, when New Zealand data is released and the Reserve Bank of New Zealand announces decisions at 14:00 Wellington time. US data from 12:30 or 13:30 UTC brings a second active period.
Related reading
Kiwi spreads and RBNZ thinking
Two reads suit the Kiwi's quirks: volatility and liquidity, on why trading costs rise when markets thin out, and how interest rates work, on why central banks such as the RBNZ change policy.
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