FX News

NZD to EUR Transfer

Recent NZ economic data and a surge in risk sentiment has furthered fortunes for the New Zealand Dollar (NZD) sending the currency to 0.5770 (1.7340) levels against the Euro (EUR) Tuesday. It was just mid last week the cross hit 0.5530 (1.8080) the lowest level since August 2020. NZ employment data- 0.8% vs 0.5% the previous quarter together with a decline in the unemployment rate 3.4% vs 3.5% saw the kiwi rally. Last Friday’s ECB rate release saw Lagarde hike to 3.75% from 3.50% as predicted with Lagarde suggesting more rate rises may be needed before a halt to the ECB’s most aggressive ever tightening cycle. We don’t expect Friday’s NZ quarterly inflation read to be shifting prices significantly.

Current Level: 0.5766 (1.7343)
Resistance: 0.5810 (1.8000)
Support: 0.5555 (1.7220)
Last Weeks Range: 0.5605-0.5724 (1.7468-1.7837)

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