**Underlying Index Performance**: FXZ tracks a specific index of New Zealand equities. Price fluctuations in these constituent stocks directly impact the ETF's value.

**Currency Exchange Rates**: As FXZ holds New Zealand assets, the NZD/USD exchange rate is crucial. A stronger NZD boosts FXZ's USD price, and vice versa.

**Investor Sentiment**: Overall market optimism or pessimism towards New Zealand's economy and stock market can drive demand for FXZ, influencing its price.

**Interest Rate Changes**: New Zealand's interest rate policy impacts corporate profitability and economic growth, affecting stock valuations and thus FXZ's price.

**Economic Data Releases**: Key economic indicators like GDP growth, inflation, and unemployment figures in New Zealand can trigger price movements in FXZ.

**Geopolitical Events**: Global or regional political events affecting investor confidence or trade relations involving New Zealand can influence FXZ's value.

**Supply and Demand**: Like any ETF, FXZ's price is affected by buying and selling pressure. High demand pushes prices up, while increased selling leads to declines.