FX News

EURO/NZD Transfer

The New Zealand Dollar (NZD) reached 0.5650 (1.7700) Monday after outperforming the Euro last week from 0.5570 (1.7960) levels. The cross then bounced off key fib 61.8 resistance retreating towards 0.5620 (1.7790) midday Tuesday as risk currencies start to lose favour. Eurozone data in the form of decent French unemployment and ECB’s Schnabel also giving the Euro a boost saying cutting rates in June and July should be treated with care. Wednesday’s RBNZ should hold interest rates at 5.5% with talk over rate cut timings key.

Current Level: 1.7793
Resistance: 1.7900
Support: 1.7700
Last Weeks Range: 1.7715 – 1.7964

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