EURO/NZD Transfer

ByDragana My Engine Lab

The New Zealand Dollar (NZD) has pushed lower 2 week’s running dropping off the 11 June low off 0.5305 (1.8850) to trade at 0.5130 (1.9480) this morning against the Euro (EUR). Tensions in the middle East continue to spook market sentiment, the NZD underperforming in broad based EUR “risk” strength. European Manufacturing came in benign with signs of stabilising amid recent contraction. The ECB’s July meeting should see the central bank maintain rates with growth predicted to be around 1.0% in 2025. We expect the NZD to weaken off in the medium term.

Current Level: 1.9357
Resistance: 1.9500
Support: 1.9120
Last Weeks Range: 1.9016 – 1.9310

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