The EUR/NZD trading pair is a minor or cross pair of the forex market. The cross of the EUR/NZD Forex currency pair is calculated against the US dollar. Therefore, although the US dollar is not present in the EUR NZD Forex currency pair, it has a direct impact on the exchange rate of the euro to NZD.
In general, the EUR/NZD Forex pair consists of two currencies: the base currency is EUR, Euro, and the quoted currency is NZD, New Zealand dollar.
Below will be presented a EUR to NZD graph, the features of the movement of the euro to New Zealand dollar, and the main factors affecting the conversion rate from euro to NZ dollar.
The EURNZD currency pair is a cross rate against the US dollar. Although the US dollar is not present in this currency pair, it still has a significant impact on it when you convert the euro to NZD. This can be seen if you combine the two charts NZDUSD and EURUSD. By combining these two price graphs in one, you can get an approximate EUR NZD chart.
The US dollar has a significant impact on the euro to New Zealand dollar, therefore, when considering EURUSD investing, it is necessary, among other things, to take into account the main economic indicators of the United States. These indicators include the discount rate, GDP level, unemployment rate, job creation, and many others.
When trading using the EUR to NZD chart, it is necessary to also take into account many features of the New Zealand economy, such as GDP, discount rate, business activity, level of trade with other countries, and many others.
When trading cross rates, it must be remembered that brokers usually set a higher EURNZD spread than for more popular currency pairs. Therefore, before you start EURNZD investing, you should carefully read the conditions that the forex broker offers to exchange euros for NZD.
EURNZD News Today
If you want to convert the euro to NZD, you should look at the usual economic indicators we've mentioned above.
The publication of EURNZD news and reports in this area very much enlivens the cross and makes it quite volatile, with the possibility of gaining good margins. To calculate the exchange rate of euro to NZD, one must also keep an eye on EUR NZD technical analysis today. Technical indicators such as the MACD on EUR to NZD chart can help.
By looking at the euro vs NZD chart as well as the EURNZD forex news, if you think the euro will appreciate against the New Zealand dollar, go long on that pair, buying at 16,039.4 at, say, $4 per EURNZD pip value.
If the price does go up as expected, you can close the winning bet when the quote reaches 16,256.3 - 16,270.3. In this case, the profit will be:
the bet was opened at 16,039.4
Forex bet closed at 16 256.3
received 16 256.3-16.0 39.4
margin - 216.9 pips
the rate was $4 per EURNZD pip value;
net income was $867.60.
With a daily sliding rate on the cross, it is possible to earn a small amount of interest each night on the exchange rate euro to NZD, but this usually does not affect EURNZD investing profits too much.