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Inside the Currency Market: Mechanics, Valuation, and Strategies by Brian Twomey

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Australia and New Zealand

Why Australia and New Zealand run together is due to their historic and peaceful ties, their enormous cross-border trade, and their shared and similar market structure within their own economies and banking systems. The only difference is both are separate sovereigns and each has a separate currency. Yet both move in the markets almost in tandem as if they were the same currency. Both operate with a top prime rate called the Official Cash Rate (OCR), and both operate with issuance of Bank Bills.

Bank Bills are short-term bills, securities issued by trading banks to finance short-term financing from 30 to 180 days. For this reason, Australia and New Zealand are termed cash economies and Bank Bills are termed Cash Rates ...

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