|14 Sep 2023||15 Sep 2023||18 Sep 2023||19 Sep 2023||20 Sep 2023||21 Sep 2023||22 Sep 2023||25 Sep 2023||26 Sep 2023||27 Sep 2023|
|17 currency basket||69.86||69.86||69.71||69.82||70.12||69.99||70.11||70.43||70.67||70.57|
|Selected exchange rates|
|United States dollar||0.59320||0.59265||0.59080||0.59165||0.59435||0.59170||0.59270||0.59610||0.59655||0.59445|
|UK pound sterling||0.47475||0.47740||0.47695||0.47800||0.47960||0.48025||0.48280||0.48665||0.48875||0.48960|
Updated real TWI weights and scale factor
5 May 2023
The Reserve Bank’s real trade-weighted index (TWI) is a weighted average of the New Zealand dollar with the currencies of New Zealand’s major trading partners, adjusted for relative inflation. It is calculated on a monthly basis and published in the B1 table.
Today’s release of the real TWI incorporates two changes:
- New real TWI weights and scale factor for 2023.
- Updated real TWI weights and scale factor from 1984 to 2022.
The revisions to the real TWI weights from 1984 to 2022 have little impact on the level of the real TWI.
More detail about the TWI methodology can be found in the Reserve Bank of New Zealand Bulletin article, Steenkamp, D (2014) Measuring New Zealand's effective exchange rate.
If you have any questions please contact [email protected].
The data: coverage, periodicity and timeliness
Exchange and cross rates are quoted against one New Zealand dollar.
- NZD/USD exchange rate
- NZD/GBP cross rate
- NZD/AUD cross rate
- NZD/JPY cross rate
- NZD/EUR cross rate
- NZD/CAD cross rate
- NZD/CNY cross rate
- NZD/HKD cross rate
- NZD/IDR cross rate
- NZD/KRW cross rate
- NZD/MYR cross rate
- NZD/SGD cross rate
- NZD/THB cross rate
- NZD/TWD cross rate
- NZD/INR cross rate
- NZD/PHP cross rate
- NZD/VND cross rate
- NZD/DEM cross rate (discontinued December 1998).
The TWI is a weighted average of the New Zealand dollar with the currencies of New Zealand's major trading partners. We publish the following TWIs:
- Official TWI (nominal and real)
- Historical TWI
- Analytical TWI 5 (discontinued 30 April 2015)
- Analytical TWI 14 (discontinued 30 April 2015).
Daily and monthly.
We release data on a same-day basis at 3:00pm. We update real TWI estimates monthly once relevant data is available.
Access by the public
Statistics release calendar
The statistics release calendar provides a long-term plan of scheduled releases. We update and release the calendar on the first working day of the month.
Dissemination of terms and conditions under which official statistics are produced, including confidentiality of individual responses
Although there is no legal requirement for us to publish data on exchange rates, we disseminate the data as a service to the public.
Provision of information about revisions and advance notice of major changes in methodology
The latest data added to the table are in bold font. Normally there are no revisions to these data as we collect them directly from the market. However, if revisions are necessary, they will also be in bold font. This applies to the summary table only and not Excel files. Any major changes will be accompanied by a note.
Changes to exchange rate data
- Before 1 April 1991, exchange rates are indicative 3:00pm rates from Refinitiv.
- Between 1 April 1991 and 30 April 2015, exchange rates are indicative 11:10am mid-rates sourced from Refinitiv.
- From 1 May 2015, exchange rates are the WM/Refinitiv 2:00pm fixes from NZFMA.
Change to the trade weighted index (TWI)
- Before 1 January 1999, we calculated the TWI using a 5-currency basket: USD, GBP, AUD, JPY and DEM. Weights were based solely on bilateral trade and updated quarterly.
- Between 1 January 1999 and 16 December 2014, we calculated the TWI using a 5-currency basket: USD, GBP, AUD, JPY and EUR. Weights were based on both bilateral trade (50%) and the size of the trading partner's economy (GDP) (50%). We update weights annually in December.
- From 17 December 2014, we calculate the TWI using a 17-currency basket: USD, GBP, AUD, JPY, EUR, CAD, CNY, HKD, IDR, KRW, MYR, SGD, THB, TWD, INR, PHP and VND. Weights are based on bilateral trade and include services data from 2009. We update weights annually in December.
The exchange rate is the rate at which one currency is exchanged for another currency.
This is the exchange rate relationship between two currencies based on each other’s relationship with a third, typically the US dollar.
Financial institutions trading financial instruments will normally quote both bid and offer rates for those financial instruments. The mid-rate is the rate in the middle of this range.
The euro and the NZD/EUR
The euro (currency code EUR) replaced the national currencies of certain members of the European Union on 1 January 1999. Until 31 December 1998, we collected the NZD/DEM (Deutsche mark). From 5 January 1999 (the first banking day in 1999), we started to collect the NZD/EUR. Note that the euro replaced the Deutsche mark as a TWI contributor on 5 January 1999. The official fixing rate (OFR) for converting the Deutsche mark to the euro is 1.95583.
WM/Refinitiv New Zealand Dollar Fixes 14:00
The 14:00 reference rate for the New Zealand dollar is the result of cooperation between the New Zealand Financial Markets Association (NZFMA), World Markets (WM) Company and Refinitiv. The reference rates are referred to as the ‘WM/Refinitiv New Zealand Dollar Fixes 14:00’, and are calculated using an internationally accepted methodology.
Trade weighted index
Trade weighted index
The trade weighted index (TWI) is a measure of the value of the New Zealand dollar (NZD) relative to the currencies of New Zealand's major trading partners. The TWI is our preferred summary measure for capturing the medium-term effect of exchange rate changes on New Zealand’s economy and inflation. The TWI ‘basket’ of currencies includes 17 of New Zealand's most significant trading partners.
- United States dollar
- UK pound sterling
- Australian dollar
- Japanese yen
- European euro
- Canadian dollar
- South Korean won
- Chinese renminbi
- Malaysian ringgit
- Hong Kong dollar
- Indonesian rupiah
- Thai baht
- Singapore dollar
- New Taiwan dollar
- Indian rupee
- Philippine peso
- Vietnamese dong
The TWI is weighted using bilateral trade in merchandise and services. We have backdated the TWI to January 1984 using a consistent methodology.
We calculate the nominal TWI on a daily basis and rebase it to equal the value of the TWI on 31 October 2014 using the old methodology.
We calculate the real TWI on a monthly basis and rebase it to the monthly average of the TWI in October 2014 (old basis). The official real TWI started in 1984. An analytical real TWI starting in 1970 is available in the exchange rate key graph. In 2016, we incorporated several changes to the real TWI.
The historical TWI is ‘as published’ on the day using the method that existed at the time. The method used to construct the official TWI has changed several times:
- Before 1 January 1999, we calculated the TWI using a 5-currency basket: USD, GBP, AUD, JPY and DEM. We based the weights solely on bilateral trade and updated quarterly.
- Between 1 January 1999 and 16 December 2014, we calculated the TWI using a 5-currency basket: USD, GBP, AUD, JPY and EUR. We based weights on both bilateral trade (50%) and the size of the trading partner's economy (GDP) (50%). We update weights annually in December.
- From 17 December 2014, we calculate the TWI using a 17-currency basket: USD, GBP, AUD, JPY, EUR, CAD, CNY, HKD, IDR, KRW, MYR, SGD, THB, TWD, INR, PHP and VND. We base weights on bilateral trade and include services data from 2009. We update weights annually in December.
The historical TWI starts from July 1986.
Symbols and conventions for summary table
|Symbol or convention||Definition|
|0||Zero or value rounded to zero|
|Light grey background||Historical|
- Individual figures may not sum to the totals due to rounding
- Percentage changes are calculated on unrounded numbers
- You are free to copy, distribute and adapt these statistics subject to the conditions listed on our copyright page.
View our other Exchange and interest rate statistics series.