FX News

NZD/EUR Conversion:

The Euro (EUR) continues to depreciate at a great rate of knots against the New Zealand Dollar (NZD) and across the board with ongoing eurozone concerns. The pair traded to 0.6280 (1.5930) Wednesday before recovering slightly Friday to 0.6240 (1.6030). Poor eurozone PMI has markets considering the possibility this will underpin a likely recession. Of note German power prices have hit record highs as the nord stream pipe is set for maintenance from 31st August. German gas and power prices have surged as panic over Russian supplies are causing massive concerns. Meanwhile the ECB minutes confirmed a hike of 50 points is likely at the September meeting over the previously indicated 25 points. Traders seem happy to position for further falls in the cross with key event and geopolitical risk likely to support the NZD for a while longer.

The current interbank midrate is: NZDEUR 0.6235 EURNZD 1.6038
The interbank range this week has been: NZDEUR 0.6147- 0.6280 EURNZD 1.5922- 1.6266

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