The risk off tone Monday with recession fears back in conversation led to the New Zealand Dollar (NZD) dropping to 0.6000 (1.6650) against the Euro (EUR). Over the past couple of days, the pair has mildly lifted to 0.6060 (1.6500) areas as commodities recovered early week losses. The kiwi should keep the upper hand as we head into the Christmas/new year period with the recent hawkish learning RBNZ tone and highest cash rate in the developed world offering good NZD returns to investors. ECB’s Lagarde speaks Friday the key standout.
Current Level: 0.6041 (1.6553)
Resistance: 0.6100 (1.6840)
Support: 0.5940 (1.6400)
Last Weeks Range: 0.5937-0.6102 (1.6388-1.6843)