Bearish sentiment sends EUR/NZD 0.75% lower

Published: March 19 2023, 06:40 GMT+0

Bearish sentiment sends EUR/NZD 0.75% lower

Friday at a glance: EUR/NZD ended Friday at 1.7009 following from closing Thursday at 1.7137. Overall, this represents a loss of 127 pips or 0.75%.

EUR/NZD's value drop coincided with the fact that after ending Friday's session at 133.59, USD/JPY lost 178 pips and is trading around 131.8. USD/SGD drops 0.44% Friday and closed at 1.3456.

Though EUR/NZD has been dropping, other pairs have been performing better: NZD/USD added 1.11% and closed around 0.6194 Friday.

Furthermore, as things stand, upcoming Germany Producer Price Index data is projected to fall short of market expectations with newly published data of -1.6%, following on from the preceding figure of -1%. New data is set to be published tomorrow at 07:00 UTC. Euro Zone Trade Balance (Jan) scheduled to come out tomorrow at 10:00 UTC. New Zealand Balance of Trade is expected tomorrow at 21:45 UTC.

The currency pair has been trending positively for about a month. The past 3 months have been positive for EUR/NZD as it added 4.9% compared to its 3-month low of 1.57.