NZD/USD since 1999: yearly changes, best months and the biggest falls
28 years of daily prices in numbers: the average year, the best and worst months, every big fall and how long the recovery took. Prices to 15 October 2026.
The New Zealand dollar against the US dollar, a pair that often moves with AUD/USD. A rising rate means a stronger New Zealand dollar.
On 15 October 2026, NZD/USD stood 36.5% below its highest close since 1999, on 11 July 2014. Over the past twelve months its highest close was 9% above its lowest.
How far NZD/USD stood below its highest close, week by week since 1999
NZD/USD average change over the last 5, 10 and 20 years
Over the last 10 years NZD/USD fell 2.3% a year on average, −21% in total. The table shows the average yearly change for each span up to 15 October 2026.
| Period | From | A year on average | In total |
|---|---|---|---|
| Last 1 year | 15 Oct 2025 | −2.1% | −2% |
| Last 3 years | 13 Oct 2023 | −1.8% | −5% |
| Last 5 years | 15 Oct 2021 | −4.5% | −21% |
| Last 10 years | 14 Oct 2016 | −2.3% | −21% |
| Last 20 years | 13 Oct 2006 | −0.8% | −15% |
The average year
From 2000 to 2025, NZD/USD rose in 14 of 26 calendar years. The average year gained +1.1% and the median year +0.3%. The best year was 2009 (+26.5%), the worst 2008 (−25.7%). This year to 15 October: −2.9%.
* Year to date.
Best and worst months
December has been the strongest month on average (+1.6%, higher in 21 of 27 years) and August the weakest (−0.8%, higher in 10 of 28). The gaps between months are small next to the swings inside any single month, so read them as tendencies, not rules.
Average change of NZD/USD by calendar month, 1999–2025
The biggest falls, and how long the way back took
The deepest fall since 1999 took NZD/USD 39.7% below its high of 27 February 2008. It hit bottom on 2 March 2009 after 12 months, and it took another 2.2 years to close above the old high again, on 31 May 2011.
| High | Low | Fall | Fall took | Back at the high | Recovery took |
|---|---|---|---|---|---|
| 27 Feb 2008 | 2 Mar 2009 | −39.7% | 12 months | 31 May 2011 | 2.2 years |
| 11 Jul 2014 | 13 Jan 2025 | −37.0% | 10.5 years | not yet | 21 months so far |
| 6 May 1999 | 19 Oct 2000 | −30.5% | 17 months | 25 Feb 2003 | 2.4 years |
| 17 Mar 2005 | 29 Jun 2006 | −20.0% | 15 months | 17 Apr 2007 | 10 months |
| 24 Jul 2007 | 16 Aug 2007 | −16.3% | 23 days | 25 Feb 2008 | 6 months |
How much it moves in a day
On a typical day NZD/USD closes about 0.4% higher or lower. A move of more than 2% happened on 2% of trading days, and a move of more than 5% twice in 7,114 days. The largest rise was +4.8% on 19 March 2009; the largest fall −6.1% on 24 October 2008.
| Day | Average change | Days higher | Days counted |
|---|---|---|---|
| Monday | +0.02% | 53% | 1,405 |
| Tuesday | +0.01% | 51% | 1,434 |
| Wednesday | −0.01% | 50% | 1,434 |
| Thursday | +0.01% | 52% | 1,434 |
| Friday | −0.01% | 51% | 1,407 |
Differences between weekdays are small and change from decade to decade. They are not a reason to trade on a given day.
Questions people ask
What is the best month for NZD/USD?
No month is reliable. Since 1999, December has been the strongest on average (+1.6%, higher in 21 of 27 years) and August the weakest.
How much has NZD/USD gained since 1999?
From 4 January 1999 to 15 October 2026: +6% in total, or +0.2% a year.
What was the biggest fall in NZD/USD?
−39.7% from 27 February 2008 to 2 March 2009; it was back at its high on 31 May 2011.
How much does NZD/USD move in a day?
About 0.4% on a typical day. Days with a move of more than 2% made up 2% of all trading days since 1999.
How many pips does NZD/USD move in a day?
From one ECB reference rate to the next, the median change was 18 pips over the past twelve months and 28 pips since 1999. A pip here is 0.0001. The distance between a day's high and low is larger.
About these numbers
Source: the European Central Bank's daily reference rates, one rate each working day, set in the early afternoon in Frankfurt; the US dollar pairs are computed from the euro rates. Daily reference rates from 4 January 1999 to 15 October 2026. Before use, the series was checked for gaps and for jumps that are data errors rather than market moves. Reference rates are set once a day, so a fast day in the market can look different from the close of a trading platform.
This page describes past prices. It is not advice to buy or sell anything.