The Euro was slammed towards the weekly close against the New Zealand Dollar (NZD), the cross finishing up around the 0.5850 (1.7100) zone after starting the week at 0.5715 (1.7500). A risk off Monday saw the kiwi give back gains back to 0.5750 (1.7400) before settling around 0.5780 (1.7300) in this morning trade. Against the USD the Euro broke through parity posting a 6-week high. Later in the week we have the ECB policy statement and rate release, predictions of a rise from 1.25% to 2.0% widely expected, a sizable rise in line with efforts to bring down ballooning 9.9% inflation. The kiwi will need a few big days to break the Euro bull run trend.
Current Level: 0.5774 (1.7319)
Resistance: 0.5865 (1.7550)
Support: 0.5700 (1.7050)
Last Weeks Range: 0.5698-0.5851 (1.7089-1.7548)