FX News

NZD/EUR (EUR/NZD) Conversion:

New Zealand’s ANZ Business outlook survey painted a dim view of the NZ economy consistent with a sluggish economy. The NZD is a little weaker this week – nothing too serious, strangely only posting small losses against the Euro (EUR) to 0.6070 (1.6470) earlier today. The ECB will start their tightening cycle in July when they hike their interest rate 25 points marking the first hike in over a decade. Even with inflation numbers creeping up over the Eurozone region the central bank will be cautious with hiking too fast causing a  stagflation effect. Overnight Eurozone inflation came in at 8.1% y/y, higher than the 7.8% expected causing more pain for the ECB. The economy is already struggling in the wake of the Ukraine war with increased prices across the board rising causing more pressure for consumers and businesses going forward. The latest oil embargo will add to EUR pressures adding further speculation of a recession. The 3-week bull run in the kiwi may continue for a bit.

Current Level: 0.6084 (1.6436)
Resistance: 0.6135 (1.6800)
Support: 0.5950 (1.6300)
Last Weeks Range: 0.5990-0.6108 (1.6370-1.6692)

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