The NZD/EUR cross rate has been dropping most of 2024, falling from the January highs of 0.5730, back to around 0.5600. This has been a product of the weakness of the NZD and the ECB holding steady on monetary policy, as inflation continues to fall. French and German CPI inflation numbers have been steadily falling, but fears of supply pressures, have ensured the ECB holds rates higher for longer.
Current Level: 0.5630
Support: 0.5580
Resistance: 0.5660
Last week’s range: 0.5590- 0.5645