EUR/NZD: the euro against the New Zealand dollar

• EUR
• NZD

What EUR/NZD is

EUR/NZD is a currency pair that shows the price of the euro in New Zealand dollars. Traders often call it the "euro kiwi", because the New Zealand dollar is nicknamed the kiwi.

The euro is the base currency and the New Zealand dollar is the quote currency. The price tells you how many New Zealand dollars buy a single euro.

EUR/NZD does not include the US dollar, so it is a cross pair. Its price comes from how the euro and the New Zealand dollar each trade against the US dollar, which you can follow on EUR/USD and NZD/USD. For how crosses differ from majors, see majors, minors and exotics.

How to read the quote

A platform shows two prices:

• Bid: the price at which you can sell the euro against the New Zealand dollar.
• Ask: the price at which you can buy it. The ask is higher than the bid.

The gap between them is the spread. It is a trading cost you pay when you open the position. If the price goes up, the euro has gained against the kiwi. If it goes down, the kiwi has gained.

Pip size and pip value

A pip is the standard unit of price movement for a currency pair. EUR/NZD is not a yen pair, so its pip sits at the same decimal place as on EUR/USD or NZD/USD. Most platforms show an extra digit after the pip, called a fractional pip or "pipette".

Pip value is how much money a move of a single pip is worth for your position size. For EUR/NZD the pip value is first worked out in New Zealand dollars, because NZD is the quote currency. It is then converted into your account currency, such as USD or PKR. As the NZD exchange rate changes, the pip value in your account currency changes too.

Use the calculator to get the pip value for your lot size in both NZD and your account currency:

A lot is the standard trade size. At Exness the minimum position is 0.01 lot. On a Standard Cent account, 1 cent lot = 1,000 USD = 0.01 standard lot.

Margin and leverage

Margin is the part of your balance the broker sets aside to keep a position open. Leverage lets you open a position larger than your margin. It increases losses in the same way it increases gains.

The calculator shows the margin needed for a EUR/NZD position at the leverage you choose:

Some Exness rules that matter here:

• Around high-impact news, higher margin requirements (HMR) apply to orders opened from 15 minutes before to 90 seconds after high-impact news. For forex, leverage during HMR is 1:200 (0.5%).
• Margin call and stop out levels by account: Standard Cent: margin call 60%, stop out 0%; Standard: margin call 60%, stop out 0%; Pro: margin call 30%, stop out 0%; Raw Spread: margin call 30%, stop out 0%; Zero: margin call 30%, stop out 0%. 0% stop out not supported in some countries; may vary.
• Unlimited leverage has conditions: on real accounts: equity below 5,000 USD and at least 10 closed orders totalling 5 lots or more across real accounts. Check in your Personal Area whether EUR/NZD is covered for your account.

Leveraged CFD and forex trading can lose money fast. A sharp move on a cross pair can take a large part of the margin in a short time. See risk management before you size a position.

What tends to move EUR/NZD

The pair reacts to news from both regions. If one side's news changes expectations more than the other side's, the pair tends to move.

Euro side

• ECB policy: European Central Bank interest rate decisions, press conferences and guidance on future rates.
• Euro-area inflation: CPI releases change what markets expect from the ECB.
• PMIs: purchasing managers' surveys for manufacturing and services are early readings of activity.
• German data: Germany is the largest euro-area economy, so its industrial output, business surveys and inflation numbers get close attention.
• Energy prices: the euro area imports much of its energy, so higher gas and oil prices can weigh on its growth outlook.

New Zealand dollar side

• RBNZ policy: Reserve Bank of New Zealand rate decisions and statements.
• Dairy prices: dairy is a major New Zealand export. Global dairy auction results are followed closely.
• China demand: China is a key buyer of New Zealand goods, so Chinese economic data can move the kiwi.
• Risk appetite: the kiwi is often treated as a risk-sensitive currency. It tends to weaken when markets turn cautious and to firm when they are more optimistic.

The gap between ECB and RBNZ rates also affects the swap, the overnight charge or credit on positions held past the daily rollover. See swap fees. Exness says Algeria, Azerbaijan, Bahrain, Bangladesh, Brunei, Chad, Comoros, Côte d'Ivoire, Djibouti, Egypt, Indonesia, Iraq, Jordan, Kazakhstan, Kyrgyzstan, Kuwait, Lebanon, Libya, Maldives, Mauritania, Morocco, Niger, Oman, Pakistan, Qatar, Saudi Arabia, Senegal, Tajikistan, Tunisia, Turkiye, Turkmenistan, United Arab Emirates, Uzbekistan are Islamic countries where clients are given swap-free status automatically. Check the current status of your account in the Personal Area.

For a wider method of reading this news, see fundamental analysis. An economic calendar is available on the website and in the Exness Trade app.

Liquidity by session and spreads

• Asian and Wellington hours: New Zealand data comes out early in the global day. Euro-area liquidity is thin at this time, so spreads can be wider than later in the day.
• London session: euro-area trading is in full swing. Liquidity is usually at its highest and spreads at their tightest.
• New York session: activity continues while London is open, then thins as Europe closes.
• Daily rollover and Monday open: spreads often widen sharply when liquidity is thin.
• News releases: spreads and slippage can increase around ECB and RBNZ decisions and other major data.

Cross pairs like EUR/NZD usually have wider spreads than majors such as EUR/USD. Advertised spreads by account type are a starting point only: Standard from 0.2 pips, Pro from 0.1 pips, Raw Spread from 0 pips with a commission of up to 3.50 USD each side per lot, and Zero from 0 pips with a commission of from 0.05 USD each side per lot. The actual spread on EUR/NZD can differ.

EUR/NZD specification at Exness

The brief for this page has no sourced, dated EUR/NZD specification. Check the specification in the platform: in MetaTrader, open the symbol's properties to see contract size, digits, swap values and trading hours. General Exness limits are a minimum of 0.01 lot and a maximum lot size of 200 lots (7:00–20:59 GMT+0), 60 lots (21:00–6:59 GMT+0).

Exness does not name Pakistan in its own conditions here. Pakistani regulators do make statements about offshore forex and CFD platforms: per the SBP, remitting foreign exchange to overseas forex/margin/CFD platforms is not allowed through any payment channel (FERA s.5(1)), and per the SECP, offshore platforms have no Pakistani licence or oversight and offer no legal protection or recourse. Read law and regulators before you open an account.

Frequently asked questions

What does "euro kiwi" mean?

It is the trader nickname for EUR/NZD, the euro priced in New Zealand dollars.

In which currency is EUR/NZD pip value calculated?

It is first worked out in New Zealand dollars and then converted into your account currency. Use the pip calculator above.

Is EUR/NZD a major pair?

No. It is a cross pair because it does not include the US dollar. Spreads are usually wider than on majors.

When are spreads usually tightest?

Usually during the London session. They tend to be wider at the daily rollover, at the Monday open and around major news.

Does this page give EUR/NZD analysis or trade ideas?

No. It explains what moves the pair. It gives no price levels, forecasts or buy or sell ideas.

Where can I practise without real money?

See the demo account guide. Exness gives a demo account with 10,000 USD (virtual).