Close-to-close characteristics

The NZD/USD pair closed unchanged only three times during the analysis period, and it closed up 59 percent of the time. The largest one-day close-to-close loss was a decline of -0.0134 points on March 5, 2007, and the largest one-day closing gain was +0.0152 points on Sept. 14, 2006.

Figure 4 shows the frequency distribution for close-to-close differences. The greatest number of closing differences (68) fell in the +0.0025 category (+0.0001 to 0.0025 points).Eighty percent of the close-to-close differences were between -0.0049 and +0.0050 points. The closeto- close changes exceeded +0.0050 points 14 percent of the time and exceeded -0.0050 points or more to the downside only six percent of the time.