The 2024 average rate in the NZD/EUR cross is 0.5596.
The New Zealand Dollar (NZD) sits at the August low of 0.5490 (1.8220) against the Euro extending lows over the past couple of weeks. The has been tracking lower against some of the major currencies this week but not the kiwi. ECB’s Lagarde made mention that the ECB’s outlook on restrictive policy is no longer aligned with their changing landscape with inflation and risk balancing. Incoming data will dictate the speed of changing policy ahead. NZ GDP prints tomorrow and should formally take NZ back into recession with an expected growth in the 3rd quarter at -0.2%. We are expecting a push towards 0.5445 (1.8370)
Current Level: 1.8242
Resistance: 1.8360
Support: 1.8200
Last Weeks Range: 1.7969 – 1.8237