The New Zealand Dollar (NZD) traded to a yearly high late last week against the Euro (EUR) reaching 0.5505 (1.8170) before closing at 0.5495 (1.8200). The NZD however gave back gains to 0.5470 (1.8290) even as NZ Retail Sales printed above expectations to 0.9% for January after 0.5% was predicted. The Euro getting a fresh wave of EUR optimism off the back of anticipated new leadership of Friedrich Merz who has signalled an intent to reduce Germany’s dependence on the US. The 0.5495 (1.8200) level offers good resistance in the pair with a view of further downside in the kiwi this week.
Current Level: 0.5474
Support: 0.5400
Resistance: 0.5503
Last week’s range: 0.5437- 0.5503