FX News

NZD/EUR Transfer:

The New Zealand Dollar (NZD) gave back last week’s gains Monday sliding to 0.5940 (1.6840) levels in early Tuesday trading after being at 0.6040 (1.6560) late last week. Risk conditions slumped as China covid lockdown protesting spooked markets. With a lack of data publishing of late it’s hard to determine proper direction in the cross with the greenback dictating big picture moves. This week’s Eurozone inflation estimates may give us further clues with predictions the y/y figure should stay above 10.0% forcing the ECB to hike big at their mid Dec meeting. Downside risks in the pair remain.

Current Level: 0.5958 (1.6784)
Resistance: 0.6030 (1.7000)
Support: 0.5880 (1.6580)
Last Weeks Range: 0.5946-0.6037 (1.6563-1.6817)

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