Course AUD(Australian Dollar)-NZD(New Zealand Dollar) for today

Australian Dollar

Importance of the Australian Dollar The central bank in Australia is called the Reserve Bank of Australia. As the 5th most traded currency in the world, the Australian dollar is also referred to as buck, dough, or the Aussie. The Australian Dollar is known as a commodity currency due to its substantial raw material exports. As a result, the AUD is affected by China and other Asian import markets. Due to its relatively high interest rates, the Australian Dollar is often used in carry trades with the Japanese Yen. A carry trade is a strategy in which a currency with low interest rate is sold in order to buy a currency with a higher interest rate.

• Central bank: The Reserve Bank of Australia
• The Australian dollar (also called the Aussie) is a “commodity currency” because the country exports abundant natural resources, including coal, iron ore, copper, gold, natural gas, uranium, and renewable energy.
• Australia has strong trade ties with China, and the growing Chinese economy has driven its economy.
• Australia is trying to diversify its export markets beyond China to other Pacific nations.

New Zealand Dollar

Introduced in 1840, the New Zealand Pound was the first official currency of New Zealand. Until that point, both British and Australian coins circulated in New Zealand, and continued to do so until 1897. The Pound banknotes were produced by the six different trading banks until 1924, when a single uniform design was implemented. A decade later, the Reserve Bank of New Zealand was established.

• Central bank: The Reserve Bank of New Zealand
• The New Zealand dollar (also called the kiwi) replaced the New Zealand pound in 1967.
• In the past two decades New Zealand has transformed from an agrarian economy to a globally competitive, industrialized, free market economy.
• New Zealand exports include dairy products, meat, wood and wood products, fish, and machinery.
• The New Zealand dollar is among the 10 most-traded currencies.