The New Zealand Dollar (NZD) extended to a fresh 12 week high of 0.6210 (1.6100) versus the Euro (EUR) before dipping to 0.6135 (1.6300) areas yesterday. German GfK consumer confidence sank to a record low as JP Morgan downgraded their Eurozone economic forecasts. Equity markets pushed higher on disappointing US data and rate hike expectations, the kiwi remaining bid into Friday around the 0.6170 (1.6200) zone. Looking ahead we have NZ employment data Wednesday with a rise to the unemployment rate predicted. This could dampen upside bias for the kiwi.
The current interbank midrate is: NZDEUR 0.6167 EURNZD 1.6215
The interbank range this week has been: NZDEUR 0.6099- 0.6207 EURNZD 1.6110- 1.6394