Recent moves in the New Zealand Dollar (NZD), Euro (EUR) are suggesting the early May top of 0.6430 (1.5555) may be in the rear view mirror as price has reversed over the last 5 weeks down to 0.6100 (1.6400) this morning. Equity markets were hammered overnight and Bonds exploded, the NASDAQ is currently down over 5.30% for the day the kiwi struggled. NZ job numbers came in bang on 3.2% as predicted holding the lowest level since stats started in 1986. Looking ahead we have German and Eurozone economic sentiment followed by NZ inflation expectations q/q which could dangerously highlight where inflation might be headed over the following couple of years. The War in Ukraine should keep market sentiment low and the NZD on the backfoot for a while.
The current interbank midrate is: NZDEUR 0.6094 EURNZD 0.6213
The interbank range this week has been: NZDEUR 0.6085- 0.6181 EURNZD 1.6177- 1.6434