FX News

NZD/EUR (EUR/NZD) Conversion:

The New Zealand Dollar (NZD) has pushed lower against the Euro (EUR) over the week on risk aversion and general NZD weakness. Prices reached 0.6160 (1.6240) Thursday before returning to 0.6205 (1.6120) early this morning as equities recovered from early losses. Germany plans to lower the tax on gas to 7% to ease the burden on consumers. Currently the gas is set at 19%. The move comes after Brussels had previously rejected Germany’s request for an exemption on its new gas price levy. The Reserve Bank of New Zealand hikes its official cash rate to 3.0% from 2.5% as widely predicted, initially pushing the kiwi higher before retreating as Ore suggested tougher times ahead. Looking ahead we have French and German manufacturing numbers. We foresee further downside momentum for the kiwi in the coming days.

The current interbank midrate is: NZDEUR 0.6190 EURNZD 1.6155
The interbank range this week has been: NZDEUR 0.6153- 0.6308 EURNZD 1.5851- 1.6251

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