The ECB meet this Thursday and should cut interest rates by 25 points to 3.15% but German politics may take centre stage. Germany Chancellor Scholz is expected to call a vote of no confidence on 11 December with the Bundestag voting on 16th December. If he fails, Germany is likely to stage elections in February 2025. Political risk will likely weigh on the EUR. The Euro (EUR), New Zealand Dollar (NZD) cross shifted off 0.5510 (1.8150) late Monday to 0.5565 (1.7970) this morning.
Current Level: 0.5543
Support: 0.5500
Resistance: 0.5620
Last week’s range: 0.5517- 0.5622