The New Zealand Dollar (NZD) has been the standout performer over the past few days of trading but no match for the Euro pushing the kiwi to a 3-week low to 0.5615 (1.7810) at week’s end. The Euro remains well supported despite a slew of awful data publishing. French and German manufacturing came in light and German PMI was disappointing, the figure at 88.5 falling to a post covid low. ECB’s Lagarde is speaking at a number of engagements over the week we also have German, Spanish and Italian CPI prints. The EUR is supported by the 50-day moving average with moves likely towards 0.5550 (1.8000).
Current Level: 0.5647 (1.7708)
Resistance: 0.5730 (1.8060)
Support: 0.5540 (1.7450)
Last Weeks Range: 0.5614-0.5707 (1.7522-1.7810)