Review of the New Zealand dollar/U.S. dollar pair (May 1, 2006–April 30, 2007)

1. The average daily range was 0.0072. Eighty-one
percent of the daily ranges were between 0.0041 and
0.0100 points. The daily range exceed 0.0100 points
only 13 percent of the time.

2. Eighty percent of the close-to-close changes were
between -0.0049 and +0.0050 points. The
close-to-close change exceeded +0.0050 to the upside
14 percent of the time and exceeded -0.0050 points
on the downside only six percent of the time.

3. If the pair traded more than -0.0030 points below the
previous day’s close, it closed up for the day only 11
percent of the time.

4. If the pair traded more than 0.0030 points above the
previous day’s close, it closed down for the day
only 13 percent of the time.

5. Intraday analysis from March 1, 2007 through
April 30, 2007 shows the largest average 60-minute
ranges occurred during the 7:00, 8:00, and 9:00 a.m.
(CT) hours. The average range was 0.0020 points for
the 7:00 and 8:00 a.m. hours and 0.0021 for the 9:00
a.m. hour.