With US holiday Monday affecting flow the New Zealand Dollar (NZD), Euro (EUR) cross has been pivoting off 1.6290 in the initial stages as the cross awaits directional cues. Russia says the Nord stream shutdown is because of sanctions introduced by western countries. The only turbine running is now malfunctioning causing stoppages. Meanwhile, Eurozone Retail Sales came in at 0.3% vs 0.4% predicted rising in July but slightly weaker than expected, the main increases were tied into fuels, food and tobacco. Consumer confidence continues to slump in the area to the lowest read since May 2020 as recession risks loom as the region heads into winter. With exception of the financial crisis in 2009 investors’ perception of where the economy is headed hasn’t been this bad for over two decades. The ECB will hike their benchmark rate Friday from 0.5% to 1.25%, expect big volatility around this release.
Current Level: 0.6133 (1.6305)
Resistance: 0.6210 (1.6500)
Support: 0.6060 (1.6100)
Last Weeks Range: 0.6069-0.6179 (1.6183-1.6477)