The ECB and RBNZ have currently both embarked on an interest rate cutting cycle. They are moving at different velocity, but began from different origins. The ECB raised rates to lower levels and without the enthusiasm of the RBNZ, but are not equally as dovish on monetary policy. High interest rates and the cost of energy have driven their respective economies into recession, which has killed inflation. Therefore, as they operate in tandem, we can expect minimum variation to the cross-rate. The rate is trading around 0.5600.
Current Level: 0.5530
Support: 0.5500
Resistance: 0.5700
Last week’s range: 0.5520- 0.5550