Bearish sentiment sends EUR/NZD 0.75% lower

Friday at a glance: EUR/NZD dips 0.75% to close at 1.7009 Friday.

EUR/NZD's value drop coincided with the fact that USD/JPY is down to 131.8, losing 178 pips, after ending the previous session around 133.59. 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 soars 1.11% Friday and closed at 0.6194.

Furthermore, projections for Germany Producer Price Index are set for a continuation of decline with -1.6% while previous data was -1%; data will be released 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.