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Australian Dollar to New Zealand Dollar
The AUDNZD represents the two Australasian currencies which often trade similarly against the currencies due to the similar geographical locations. Both economies will be affected by exporting their commodities, with Australia exporting energies and precious metals whereas New Zealand is known for its export of wool, meat and milk. This pair therefore is not affected by global factors or trends but changes in the local economies. This currency pair tells traders how many New Zealand Dollars are needed to buy one Australian Dollar.
Australian Dollar (ISO code AUD)
- The Central Bank is the Reserve Bank of Australia.
- The AUD was introduced in February 1966 to replace the Australian Pound and is currently around the 5th most traded currency in the world, behind the US Dollar, the European EURO, Japanese Yen and UK’s Pound Sterling.
- AUD gives greater portfolio exposure to neighbouring Asian economies and has strong ties to China which affects performance of the Australian economy.
- Is known as the “Commodity Currency” because of natural resource exports of Coal, Iron Ore, Copper, Gold, Natural Gas, Uranium and Renewable Energy.
New Zealand Dollar (ISO code NZD)
- Central Bank is the Reserve Bank of New Zealand.
- The NZ Pound was replaced by the NZ Dollar Dollar in 1967.
- Due to competitive, industrialised and free market economy, the NZD is among the top 10 of most traded currencies