As one of the top eight largest economies in the world the Reserve Bank of New Zealand’s monetary policies can have an impact on global forex markets, although typically rate changes primarily impact the Asian currencies. There is some impact to the US dollar, but only in direct connection with the New Zealand dollar. The New Zealand dollar was once quite popular among forex traders as the interest-bearing portion of the carry trade, but more recently interest rate cuts have taken this currency out of consideration as part of a carry trade.