Fascinating developments in the New Zealand Dollar (NZD), Euro (EUR) cross have played out exactly as we predicted with the kiwi extending declines to 0.5490 (1.8215). The next point of interest is the long-term support at 0.5475 (1.8265) as it nears this level. A breakout past here and the next stop is 0.5430 (1.8415) With no data to publish on the docket this week we expect recent moves to continue driven by geopolitical risk flow.
Current Level: 0.5494
Last week’s range: 0.5512 – 0.5593