Today, a U.S. dollar can be exchanged for 3 New Zealand dollars. The one-year CD (deposit) in New Zealand is 7% and the one-year CD rate in the U.S. is 6%. Interest rate parity exists between the U.S. and New Zealand. The international Fisher effect exists between the U.S. and New Zealand. Today a U.S. dollar can be exchanged for 2 Swiss francs. The one-year CD rate in Switzerland is 5%. The spot rate of the Swiss franc is the same as the one-year forward rate.