5:03 PM (NZT) The NZ dollar has seen further pressure from the resurgent EURO this week. The lower than expected NZ inflation numbers eased the way for the EURO out performance. Potentially this pressure could continue if the perceived progress in Europe continues. A large part of this is dependent on Spain finally asking for funding assistance and this is expected to come in the short term. This would see the risk premium attached to the EURO further contract. In the short term the .6200 ( 1.6130) level remains the target for further EURO appreciation, should it be forthcoming . Next weeks sees the focus start with European manufacturing numbers on Wednesday, followed by the RBNZ monetary policy meeting on Thursday. The Spanish situation will loom constantly, and hopefully this issue comes to a positive end.
The current interbank midrate is: NZDEUR. .6267 EURNZD 1.5956
The interbank range so far this week to date has been: NZDEUR. .6222 - .6330 EURNZD 1.5798 - 1.6072