The New Zealand Dollar (NZD) managed to hold most of last week’s gains post the RBNZ cut of 50 points to 4.25%. Coming off the 0.5570 (1.7950) zone the EUR retreated to 0.5620 (1.7800) before drifting back to consolidate around 0.5585 (1.7900). Further NZD support closed the week at 0.5605 (1.7840). French political carnage has certainly caused notable weight on the EUR over recent days. We expect a runup to 0.5625 (1.7780) before the weekly close. ECB’s Lagarde speaks tomorrow.
Current Level: 1.7873
Resistance: 1.8230
Support: 1.7670
Last Weeks Range: 1.7808 – 1.8038