The NZDEUR has been weaker, as a direct result of the weaker KIWI$. The rate has fallen from highs of around 0.5750, to the current level of 0.5600. The ECB has been holding rates steadily, but hinted at rate cuts in the middle of 2024. They may defer these promised ratecuts, if inflation re-emerges, in the Eurozone. There are hints that plunging inflation inEurope, may have bottomed out, with upticks in European national inflation readings. If inflation continues to reverse, there may be some support for the EUR, and some downside for the cross against the NZD.
Current Level: 0.5560
Support: 0.5500
Resistance: 0.5750
Last week’s range: 0.5590- 0.5650