FX News

NZD/EUR Conversion:

The Euro (EUR) has been better supported this week trading back to 1.6540 (0.6045) against the New Zealand Dollar (NZD) after falling to 1.6380 (0.6105) in early Monday trading. Pressure is on for the ECB to raise rates sooner rather than later with rocketing inflation in the region. Last week’s April’s inflation came in at 7.4% revised slightly lower than 7.5% but remains super high mainly due the ongoing energy crisis caused by the Russian invasion of Ukraine. German Producer prices printed at their highest level in years. The RBNZ will raise the cash rate tomorrow to 2.0% from 1.5%- largely already priced into the curve but it should give the kiwi a push post release. Technically the cross sits at the bottom of the fortnight channel with a bias to the upside, we predict 0.6135 (1.6300) to be retested.

Current Level: 0.6030 (1.6583)
Resistance: 0.6135 (1.6820)
Support: 0.5945 (1.6300)
Last Weeks Range: 0.5994-0.6076 (1.6456-1.6683)

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