The NZD/USD is considered a commodity pairing. The New Zealand dollar is often informally called the "Kiwi" or "Kiwi dollar" since New Zealand is commonly associated with the kiwi and the one-dollar coin depicts the indigenous bird on its reverse.
A commodity pair's exchange rate tends to exhibit a correlation to the current market value of an underlying commodity. Typically, the commodity is local to one or both nation's economy.
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