The Euro (EUR) has been unable to hold gains around 0.5550 (1.8015) Monday against the New Zealand Dollar (NZD) retracing to 0.5570 (1.7950) into Tuesday morning trade with risk supporting the kiwi. The European Central Bank (ECB) cut their interest rate from 4.25% to 3.65% as scheduled. Lagarde saying forecast monetary policy is tracking well- incoming data is not suggesting any radical changes to economic forecasting. All eyes will be on NZ GDP q/q with predictions of a poor second quarter at -0.4% following first quarter’s 0.2%. A retest of 0.5585 (1.7900) looks unlikely.
Current Level: 1.7966
Resistance: 1.8020
Support: 1.7830
Last Weeks Range: 1.7896 – 1.8028