European and US equities posted gains in Wednesday and Thursday trading boosting sentiment and taking the New Zealand Dollar (NZD) off a high of 0.6440 (1.5525) down to (0.6345) 1.5760 against the Euro (EUR) into Friday. The Eurozone sentiment indicator is still being hammered due to uncertainty in Ukraine/Russian conflict dropping 5 points to 108 in March based on expectations of 109, the reading is due to plummeting consumer confidence. Day 44 of Ukraine/Russia war sees Ukraine bracing for more Russian attacks across Donbas as they withdraw from the outskirts of Kyiv to regroup. Ukraine president Volodymyr Zelenskiy has said the new sanctions against Russia are not enough and without more measures they were susceptible to more bloody attacks. With prices around July 2017 highs and negotiations far from any peaceful ceasefire, it’s hard to not see further declines taking place in the EUR-the next resistance level is 0.6890 (1.4520) the 2014 level.
The current interbank midrate is: NZDEUR 0.6332 EURNZD 1.5792
The interbank range this week has been: NZDEUR 0.6253- 0.6436 EURNZD 1.5537- 1.5991