FX News

NZD/EUR Transfer:

After 4 weeks of solid momentum for the New Zealand Dollar (NZD) as it climbed to 0.6000 (1.6680) against the Euro (EUR), the kiwi has given back gains this week falling to 0.5880 (1.7015) into early Thursday. A hawkish tone by ECB’s Nagel said more rises are necessary as the Eurozone inflation accelerated recently to 10.7%. This is the highest since 2009, predicted to stay above the target zone of 2% through 2024. There is a high probability the Eurozone will fall into recession later this year. The risk driven kiwi may struggle into the close.

Current Level: 0.5869 (1.7038)
Resistance: 0.5940 (1.7440)
Support: 0.5735 (1.6840)
Last Weeks Range: 0.5825-0.5991 (1.6691-1.7165)

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