New Zealand Dollar to US Dollar exchange rate history 1971 to 2026: dairy and the kiwi
One New Zealand Dollar bought 1.1363 USD in 1971 and 0.5831 USD in 2026. Dairy and the kiwi. The series covers 56 years of annual data.
- 2026 avg
- 0.5831
- year to date
- Highest avg
- 1.4002
- 1974
- Lowest avg
- 0.4202
- 2001
- Traded range
- 0.3920 to 1.4900
- low 2000, high 1973
Source: Federal Reserve H.10 (DEXUSNZ). Latest daily observation 2026-10-30.
Annual averages of daily observations.
NZD/USD in four numbers
- Change since 1971
- -48.8%
- 55 complete years
- Change over 10 years
- -16.8%
- 2015 to 2025
- Average annual change
- -0.7%
- standard deviation 11.8 points
- Largest drawdown
- 70.7%
- 1973 to 2001
NZD/USD since 1971
New Zealand Dollar to US Dollar averaged 1.1363 USD in 1971 and 0.5822 USD in 2025, 48.8% lower across 55 complete years.
The annual average has ranged from 0.4202 in 2001 to 1.4002 in 1974. On individual trading days the series reached 0.3920 and 1.4900, a ratio of 3.8 to 1.
Dairy, risk appetite and the New Zealand dollar
NZD/USD includes a commodity currency. The New Zealand dollar has floated since 1985 and is a small, liquid currency driven by dairy exports and risk appetite.
New Zealand is a small, open economy with a large dairy export sector, so the kiwi is sensitive to dairy prices and global risk appetite. The link runs through the terms of trade: a higher export price raises national income and usually supports the exporter's currency, while a fall does the opposite. The currency has floated since 1985 and is one of the more cyclical majors.
The data shows that sensitivity but not a mechanical rule. The average moved -48.8% over 55 complete years, and the traded range ran from 0.3920 in 2000 to 1.4900 in 1973.
What moves NZD/USD
NZD: The New Zealand dollar has floated since 1985 and is a small, liquid currency driven by dairy exports and risk appetite.
USD: The US dollar is the world's main reserve currency and the base leg for most foreign exchange trading.
For NZD/USD, the NZD leg responds to dairy and commodity prices, Reserve Bank of New Zealand policy, global risk appetite, while the USD leg responds to Federal Reserve policy, US inflation and Treasury yields, safe-haven demand. The exchange rate is the market's attempt to balance the two sets of forces.
How wide is the NZD/USD range?
The highest single observation in the series was 1.4900 in 1973, and the lowest was 0.3920 in 2000. That is a ratio of 3.8 to 1 between the two extremes.
Annual averages are narrower than single-day levels because they smooth the intra-year swings. Even so, the average has ranged from 0.4202 to 1.4002, a spread that matters for anyone converting at different points in the cycle.
The five largest NZD/USD moves
Ranked by absolute year-end change, the five largest moves were 1984 (-27.4%), 2002 (+25.9%), 2003 (+25.2%), 2009 (+24.8%), 1987 (+24.4%). The biggest was 1984, when the rate moved from 0.6545 to 0.4755, a change of 27.4%.
Across 55 complete years the pair rose in 25 and fell in 29. The average annual change was -0.7% with a standard deviation of 11.8 percentage points, which is one way to compare its volatility with other pairs.
How to read the NZD/USD data
The annual figures are averages of the daily observations in Federal Reserve H.10 (DEXUSNZ). Highs and lows are the most extreme single observations in each calendar year, not intraday highs. No figure on this page is estimated or interpolated.
NZD/USD history: the years that moved the rate
Each event below is dated and tied to one of the currencies in this pair.
- 1985 1985-03-04
New Zealand dollar floated
New Zealand floated the New Zealand dollar at an initial rate of about US$0.4444, ending the managed exchange rate system.
- 2008 2008-09-15
Lehman Brothers files for bankruptcy
The collapse of Lehman Brothers triggered a global financial crisis, a flight into the US dollar and extreme volatility across currency markets.
- 2020 2020-03-15
Pandemic triggers a global dash for cash
The COVID-19 shock caused a worldwide sell-off and a surge in demand for US dollars, followed by large central bank intervention and emergency rate cuts.
NZD/USD annual average, 1971 to 2026
Annual average with the full trading range for each year. average high–low range
Source: Federal Reserve H.10 (DEXUSNZ). Figures are annual averages of daily observations.
NZD to USD exchange rate by year
Every year since 1971: annual average, the year high and low, the year-end rate, and the change on the previous year.
| Year | Average | High | Low | Year end | Change |
|---|---|---|---|---|---|
| 1971 | 1.1363 | 1.1913 | 1.1138 | 1.1913 | n/a |
| 1972 | 1.1935 | 1.1990 | 1.1885 | 1.1950 | +0.3% |
| 1973 | 1.3596 | 1.4900 | 1.1940 | 1.4225 | +19.0% |
| 1974 | 1.4002 | 1.4650 | 1.2950 | 1.3105 | -7.9% |
| 1975 | 1.2116 | 1.3500 | 1.0359 | 1.0385 | -20.8% |
| 1976 | 0.9912 | 1.0460 | 0.8999 | 0.9450 | -9.0% |
| 1977 | 0.9689 | 1.0175 | 0.9455 | 1.0160 | +7.5% |
| 1978 | 1.0364 | 1.0985 | 1.0015 | 1.0640 | +4.7% |
| 1979 | 1.0223 | 1.0630 | 0.9550 | 0.9830 | -7.6% |
| 1980 | 0.9734 | 0.9927 | 0.9260 | 0.9618 | -2.2% |
| 1981 | 0.8685 | 0.9698 | 0.8130 | 0.8230 | -14.4% |
| 1982 | 0.7510 | 0.8270 | 0.7060 | 0.7325 | -11.0% |
| 1983 | 0.6679 | 0.7375 | 0.6447 | 0.6545 | -10.7% |
| 1984 | 0.5784 | 0.6728 | 0.4755 | 0.4755 | -27.4% |
| 1985 | 0.4975 | 0.5880 | 0.4300 | 0.5005 | +5.3% |
| 1986 | 0.5246 | 0.5892 | 0.4695 | 0.5305 | +6.0% |
| 1987 | 0.5933 | 0.6658 | 0.5245 | 0.6602 | +24.4% |
| 1988 | 0.6556 | 0.7234 | 0.5970 | 0.6290 | -4.7% |
| 1989 | 0.5979 | 0.6380 | 0.5570 | 0.5937 | -5.6% |
| 1990 | 0.5962 | 0.6313 | 0.5685 | 0.5865 | -1.2% |
| 1991 | 0.5783 | 0.6071 | 0.5403 | 0.5403 | -7.9% |
| 1992 | 0.5379 | 0.5537 | 0.5109 | 0.5135 | -5.0% |
| 1993 | 0.5413 | 0.5613 | 0.5053 | 0.5590 | +8.9% |
| 1994 | 0.5936 | 0.6428 | 0.5557 | 0.6402 | +14.5% |
| 1995 | 0.6563 | 0.6785 | 0.6302 | 0.6537 | +2.1% |
| 1996 | 0.6877 | 0.7148 | 0.6535 | 0.7065 | +8.1% |
| 1997 | 0.6625 | 0.7097 | 0.5788 | 0.5803 | -17.9% |
| 1998 | 0.5361 | 0.5940 | 0.4838 | 0.5270 | -9.2% |
| 1999 | 0.5292 | 0.5635 | 0.4908 | 0.5234 | -0.7% |
| 2000 | 0.4568 | 0.5254 | 0.3920 | 0.4423 | -15.5% |
| 2001 | 0.4202 | 0.4518 | 0.3993 | 0.4161 | -5.9% |
| 2002 | 0.4645 | 0.5255 | 0.4149 | 0.5239 | +25.9% |
| 2003 | 0.5822 | 0.6557 | 0.5222 | 0.6557 | +25.2% |
| 2004 | 0.6643 | 0.7235 | 0.5995 | 0.7203 | +9.8% |
| 2005 | 0.7049 | 0.7450 | 0.6714 | 0.6845 | -5.0% |
| 2006 | 0.6492 | 0.7057 | 0.5958 | 0.7046 | +2.9% |
| 2007 | 0.7365 | 0.8089 | 0.6777 | 0.7678 | +9.0% |
| 2008 | 0.7151 | 0.8175 | 0.5248 | 0.5815 | -24.3% |
| 2009 | 0.6358 | 0.7567 | 0.4926 | 0.7255 | +24.8% |
| 2010 | 0.7216 | 0.7946 | 0.6640 | 0.7687 | +6.0% |
| 2011 | 0.7920 | 0.8776 | 0.7208 | 0.7805 | +1.5% |
| 2012 | 0.8105 | 0.8447 | 0.7470 | 0.8267 | +5.9% |
| 2013 | 0.8204 | 0.8650 | 0.7711 | 0.8229 | -0.5% |
| 2014 | 0.8313 | 0.8814 | 0.7662 | 0.7796 | -5.3% |
| 2015 | 0.7001 | 0.7832 | 0.6244 | 0.6842 | -12.2% |
| 2016 | 0.6976 | 0.7451 | 0.6389 | 0.6958 | +1.7% |
| 2017 | 0.7111 | 0.7506 | 0.6812 | 0.7100 | +2.0% |
| 2018 | 0.6929 | 0.7407 | 0.6439 | 0.6711 | -5.5% |
| 2019 | 0.6591 | 0.6923 | 0.6246 | 0.6745 | +0.5% |
| 2020 | 0.6498 | 0.7207 | 0.5669 | 0.7194 | +6.7% |
| 2021 | 0.7074 | 0.7429 | 0.6719 | 0.6839 | -4.9% |
| 2022 | 0.6361 | 0.6977 | 0.5568 | 0.6342 | -7.3% |
| 2023 | 0.6143 | 0.6501 | 0.5816 | 0.6340 | -0.0% |
| 2024 | 0.6050 | 0.6363 | 0.5596 | 0.5596 | -11.7% |
| 2025 | 0.5822 | 0.6092 | 0.5536 | 0.5755 | +2.8% |
| 2026 YTD | 0.5831 | 0.6057 | 0.5572 | 0.5637 | -2.0% |
1971–2026 · 55 complete calendar years. Annual figures are averages of available daily observations. 2026 is year to date: the average is based on 209 published trading days through 2026-10-30.
Highest and lowest NZD/USD rates on record
Measured across 56 calendar years of annual data, 1971 to 2026.
NZD/USD history: common questions
What was the NZD/USD rate in 1971?
One NZD averaged 1.1363 USD in 1971, with a range of 1.1138 to 1.1913 and a year-end rate of 1.1913.
What is the highest NZD/USD rate on record?
The highest annual average was 1.4002 in 1974. The highest single observation was 1.4900 in 1973.
What was the biggest single-year move in NZD/USD?
1984 was the largest, at -27.4%. The year-end rate moved from 0.6545 to 0.4755.
How volatile has NZD/USD been?
Across 55 complete years the average annual change was -0.7% with a standard deviation of 11.8 percentage points. The largest drawdown was 70.7%, from 1973 to 2001.
What is the lowest NZD/USD rate on record?
The lowest annual average was 0.4202 in 2001. The lowest single observation was 0.3920 in 2000.
What is the NZD/USD rate in 2026?
The 2026 average is 0.5831 USD per NZD, based on the year to date. The latest complete year, 2025, averaged 0.5822.
Query any NZD/USD rate since 1971
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--data-urlencode 'date=1984-06-15' 56 years of NZD/USD.
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