The Euro to New Zealand Dollar (EUR/NZD) exchange rate has tanked today, along with most other Euro (EUR) pairings. On the other side, the ‘Kiwi’ (NZD) has gone from strength to strength.
EUR/NZD Exchange Rate News: Uncertainty ahead for Eurozone Economy Regarding ECB
The Euro (EUR) has flopped against a majority of its competitors so far today, with losses being witnessed of -0.9% against the Australian Dollar (EUR/AUD), -1% against the New Zealand Dollar (EUR/NZD), -1.3% against the Indian Rupee (EUR/INR) and -2.2% against the South African Rand (EUR/ZAR). The one real advance for the single currency today has been by 1.2% against the Japanese Yen (EUR/JPY), although this has only been caused by the Yen (JPY) bombing on a negative interest rate decision by the Bank of Japan (BoJ).
Euro movement in the future is unlikely to stay in anything resembling a rallying state for long, given that tensions are mounting over further economic stimulus being introduced in March when the European Central Bank (ECB) next makes any policy adjustments.
While the present month has been mixed overall for the Euro, negativity in February is unlikely to banish the currently building concerns regarding ECB tools such as quantitative easing.
New Zealand Dollar (NZD) Exchange Rate Rallies due to Chinese Deterioration and Emirates Deal
The value of the New Zealand Dollar (NZD) has skyrocketed today, with the gains seen including 0.9% against the Pound Sterling (NZD/GBP) and 1% against the Euro (NZD/EUR).
In addition to the continuing Chinese governmental economic intervention giving investors cause for enthusiasm, it has also been recently announced that a new air route has been established between Dubai and Auckland. As part of a deal with Emirates airlines, the daily non-stop flights are expected to increase New Zealand’s income by $125m per year.
EUR/NZD Exchange Rate Forecast: German and New Zealand Unemployment Results due Next Week
In the week to come, the biggest movements for both currencies are likely to come on Tuesday, from unemployment figures. In the Euro’s case, this movement is set to occur with Germany’s January Unemployment Rate in the morning, while New Zealand’s like contribution is scheduled to be posted during the night.
Current EUR/NZD Exchange Rates
The Euro to New Zealand Dollar (EUR/NZD) exchange rate was trending in the region of 1.6738 and the New Zealand Dollar to Euro (NZD/EUR) exchange rate was trending in the region of 0.5983 today.