The New Zealand Dollar (NZD) extended losses to close the week out around the 0.5605 (1.7840) zone against the Euro (EUR), caught up in “risk off” sentiment from uncertainty brewing in Gaza. NZ elections over the weekend confirmed a new National led economy is set to take the reins, this boosted the NZD to 0.5635 (1.7750) before falling back to 0.5610 (1.7830) in early morning trade. NZ inflation printed at 1.8% for the quarter ending September confirming a small drop in the year-on-year number from 6.0% to 5.6% with talk the RBNZ will still need to hike one more time prior to year-end. Geopolitical uncertainty is never good for risk currencies, the kiwi is no exception.
Current Level: 1.7898
Last Weeks Range: 1.7507 – 1.7855