The New Zealand Dollar (NZD) has done well in the past few days of trading, clawing back recent losses to hit back at 0.57100 (1.7520) into Tuesday. The Euro came under selling pressures after France’s Villeroy commented about a slowdown in inflation and general risk sentiment improved. This week’s economic docket sees NZ quarterly GDP print Thursday before the ECB’s policy statement and interest rate release. The ECB will hike 25 points to 4.00% as the area faces inevitable recession. With the RBNZ suggesting no further rate hikes we could see the Euro make gains and retest 0.5610 (1.7830).
Current Level: 0.5685 (1.7590)
Resistance: 0.5720 (1.7830)
Support: 0.5610 (1.7480)
Last Weeks Range: 0.5638-0.5564 (1.7560-1.7736)