FX News

NZD/EUR (EUR/NZD) Conversion:

The New Zealand Dollar (NZD) pulled back from 0.5925 (1.6880) late last week against the Euro (EUR) as risk improved taking price to 0.5990 (1.6700) levels where the market closed. Equities were sold aggressively towards the end of Monday – the Nasdaq down nearly 1% sending price in the cross back towards 0.5950 (1.6800) levels. The ECB will address inflation later in the week, forecasted to be 8.5% y/y up from 8.1% this will give the ECB a hurry along to increase the cash rate already expected to increase 150 points by year end. The kiwi could continue to struggle as we mentioned earlier, we predict price to retest the 0.5920 (1.6900) zone, the late Feb 2022 level.

Current Level: 0.5954 (1.6795)
Resistance: 0.6045 (1.7320)
Support: 0.5775 (1.6540)
Last Weeks Range: 0.5920-0.6061 (1.6498-1.6890)

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