FX News

NZD/EUR Transfer:

European PMI data was weaker than expected and spread from manufacturing to the services sectors. This reflects widespread recessionary pressures, from slower demand and tighter monetary conditions. The ECB has assured markets that they are firmly committed to their ‘hawkish’ monetary policy cycle, and this has helped support the EURO. The surprise strength in the US labour market only reinforces tight monetary conditions and the mantra, ‘higher for longer’, espoused by ECB President LeGarde.

Current Level:0.5653 (1.7690)
Resistance: 0.5705 (1.7530)
Support: 0.5590 (1.7890)
Last Weeks Range: 0.5600-0.5685 (1.7860-1.7590)

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