The Euro to New Zealand Dollar (EUR/NZD) exchange rate has been about level today, while the common currency has elsewhere made a number of losses against its peers.
Daily Eurozone News: Investors Drift Away from Euro after Neutral ECB Outlook
In a continuation of yesterday’s movement, the Euro (EUR) has slipped up against a number of its peers today, making small losses against the Canadian Dollar (EUR/CAD) and the Swiss Franc (EUR/CHF), as well as a larger decline of -0.3% against the Indian Rupee (EUR/INR) and -1.1% against the Japanese Yen (EUR/JPY).
With direct economic data regarding the Eurozone being in fairly short supply today, the single currency’s movements have mainly been dictated by European Central Bank (ECB) developments.
The two most notable announcements have been the words of ECB Executive Board member Peter Praet and remarks made by Vice President Vitor Constancio.
In the former case, Praet has largely maintained the status quo by stating that while current ECB policy measures are ‘effective’ and that a ‘comprehensive response’ is still needed to create a level of ‘strong and sustainable recovery’ in the Eurozone. Constancio has also reiterated previous points, by stating that the Eurozone faces ‘a number of challenges’, and that the ECB is continuing to ‘do its part’.
New Zealand Dollar (NZD) going Steady as Recent Ecostats Turn Favourable
The New Zealand Dollar (NZD) has been fairly stable against its peers today, thanks to increasing investor interest in the ‘Kiwi’ stemming from recent economic developments.
One of the biggest of these has been the price of milk, which has steadily risen to $13.75 per hundredweight in the wake of the week’s earlier national dairy auction. Additionally, the heavy truckometer for March has shown an increase in vehicle traffic from 1.7% to 2.5%.
New Zealand Dollar gains today have included a small increase against the Euro (NZD/EUR) and 0.3% against the Australian Dollar (NZD/AUD) and the Pound Sterling (NZD/GBP).
Future Forecast: Further ECB Contributions could Sway Investor Opinion of Euro Today
With the bulk of the day’s Eurozone and New Zealand data now out, it only remains for further movement to be generated by the ECB’s account of its Monetary Policy Meeting in the early afternoon, along with a later speech by ECB President Mario Draghi when he attends a European Council meeting of Portuguese President Marcelo Rebelo de Sousa.
Current EUR, NZD Exchange Rates
The Euro to New Zealand Dollar (EUR/NZD) exchange rate was trending in the region of 1.6656 and the New Zealand Dollar to Euro (NZD/EUR) exchange rate was trending in the region of 0.4851 today.