The Euro (EUR) extended last week’s gains posting 0.6075 (1.6460) midweek against the New Zealand Dollar (NZD) off the back of Eurozone inflation data. With the ECB talking more hawkish and German and Eurozone inflation escalating higher (9.1%) the Euro has been well supported over most of the week. Enthusiasm for the Euro dropped away Thursday as the EU gas price cap faded, the EUR giving back profits to 0.6130 (1.6320). Next week the ECB meet and will most likely raise their cash rate a whopping 75 points to contain record inflation, the weakness in the Euro will also be a key consideration.
The current interbank midrate is: NZDEUR 0.6107 EURNZD 1.6374
The interbank range this week has been: NZDEUR 0.6069- 0.6178 EURNZD 1.6184- 1.6476