The New Zealand Dollar (NZD) has failed to hold prices around 0.5600 (1.7850) against the Euro (EUR) at the start of the week falling back to 0.5555 (1.8000) in stiff risk off markets. Geopolitical uncertainty following the missile/drone strikes on Iran by Israel certainly could have been a lot worse with only a moderate sell-off in the kiwi. The only data this week of note in the cross is NZ CPI q/q with predictions of a 0.6% rise in prices in the March quarter. This should see the annual number dip to around 4.3% from 4.7% and subsequently put more downward pressure on the NZD.
Current Level: 0.5554
Support: 0.4725
Resistance: 0.54780
Last week’s range: 0.4754- 0.4795