The New Zealand Dollar (NZD) reached a 7-week low Monday of 0.6120 (1.6350) against the Euro (EUR) as risk conditions were poor entering the week. Stress around the fallout in the war between Ukraine and Russia remains the main driver of markets with global concerns at the forefront of everyone’s minds. Fears Russia may stop gas supplies to European countries that won’t pay Rubles has taken a heavy toll in recent sessions. The kiwi bounced back to 0.6220 (1.6070) last night but this move looks to be only a blip as “risk off” conditions could dominate moves into the weekend. Looking ahead we have NZ employment data publishing Wednesday with expectations the unemployment rate could go lower yet from the current 3.2%.
Current Level: 0.6190 (1.6155)
Resistance: 0.6250 (1.6300)
Support: 0.6135 (1.6000)
Last Weeks Range: 0.6144-0.6288 (1.5902-1.6275)