The Euro (EUR) wasn’t able to hold the 1.8050 (0.5540) level Monday after a bumper start to the week, the kiwi recovering to 0.5575 (1.7940) as risk returned and the greenback weakened. The Euro extended last week’s losses post ECB comments from Muller suggesting they do not need to keep tightening policy further. ECB’s Nagel said they were not yet where they wanted to be on inflation. The key standout this week is the RBNZ rate announcement. It’s widely expected the central bank will retain the 5.5% but attention will be on further clues as to when cuts could kick in.
Current Level: 1.7962
Resistance: 1.8250
Support: 1.7600
Last Weeks Range: 1.790 – 1.8214