The Euro (EUR) was under pressure in early week action extending losses from last week through to 0.6010 (1.6635) in early Tuesday before the New Zealand Dollar (NZD) gave back gains to 0.5950 (1.6800) as I write. Risk off moves dominate this morning as equities are down around 1%. Eurozone recession worries have again been in the spotlight with Lagarde saying general risks have increased. On the economic docket this week is the RBNZ rate statement and cash rate release. It’s widely expected the central bank will continue with its aggressive tightening campaign and hike 75 points to 4.25% on its way to 5.0% data dependant. The kiwi may target 0.6000 (1.6660) this week.
Current Level: 0.5949 (1.6809)
Resistance: 0.6015 (1.7100)
Support: 0.5850 (1.6630)
Last Weeks Range: 0.5877-0.5977 (1.6729-1.7013)