The ECB led the way on interest rate cuts, among the major world Central Banks, although the Swedish Riksbank did begin the cycle first. The ECB has been under immense pressure as recession engulfs the European economies, especially manufacturing in the engine room of Europe, Germany. The rate cuts were welcomed and allowed the cross rate to the NZD to rise to above 0.5700. The differential is contracting, as the RBNZ joins the party, and the cross rate is trading around 0.5550.
Current Level: 1.7878
Resistance: 1.8181
Support: 1.7699
Last Weeks Range: 1.7947 – 1.8211