FX News

NZD/EUR Conversion:

The Euro (EUR) is under pressure as we head into the new week as markets contemplate heavy “risk off” sentiment. The New Zealand Dollar (NZD) rose to 0.6210 (1.6100) in early Tuesday trading and could extend gains heading into tonight’s French and German Manufacturing reports tonight. The energy crisis has not been friendly to the Euro over recent weeks and again looks to be the main driver of the EUR weakness. Chiming in is rocketing inflation and a poorly formed central bank response all continue to weigh. NZ Retail Sales Thursday could push the kiwi higher with predictions of a bumper result.

Current Level: 0.6214 (1.6092)
Resistance: 0.6310 (1.6370)
Support: 0.6110 (1.5850)
Last Weeks Range: 0.6146-0.6309 (1.5850-1.6270)

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