Academic journal article The Reserve Bank of New Zealand Bulletin

Foreign Exchange and Derivative Turnover Survey

Academic journal article The Reserve Bank of New Zealand Bulletin

Foreign Exchange and Derivative Turnover Survey

Article excerpt

6 September 2013

New Zealand's foreign exchange market handled an average of US$12.4 billion per day in April 2013 according to a Reserve Bank survey released today. This is greater than the April 2010 turnover figure of US$9.5 billion but remains below the high reached in April 2007.

Commenting on the survey, Head of Financial Markets Mark Perry said: "The appreciation of the New Zealand dollar accounts for around two-thirds of the increase in foreign exchange turnover (which is measured in USD terms). In New Zealand dollar terms, average daily turnover rose 10.3 percent. Global foreign exchange turnover rose from US$4.0 trillion to US$5.3 trillion per day over the past three years.

These results are part of a triennial survey coordinated by the Bank for International Settlements (BIS) and reported in US dollars. In New Zealand, the survey captured the activity of the five major banks participating in the local wholesale financial markets.

"Foreign exchange spot turnover in New Zealand is dominated by trading Asia-Pacific currencies such as NZD/USD, USD/AUD, NZD/AUD, and USD/JPY. …

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