Recently the New Zealand Dollar has already posted a noticeable drop against the Euro and other majors on the foreign exchange, while yesterday we observed a similar development, as the EUR/NZD cross surged 1.07%.
Yesterday, the single currency posted a 0.8% climb in value against four major currencies all around the world, including the Yen, Aussie, Kiwi and Greenback.
The Euro traded on the downside versus all majors on Tuesday, while losing the most value against the Sterling and Canadian Dollar.
While initially trading on the topside, the Dollar pared gains versus its pan-European counterpart by the end of the session, following disappointing manufacturing production data from the US.
The previous trading week was finished in the mixed environment for the Euro, with the currency trading sideways amid lack of macro news all across the board.
A rate hike from the Reserve Bank of New Zealand has finally been reflected in our most recent review on the common European currency, as the EUR/NZD currency pair surged 2.09% during the past 24 hours.
Despite the Reserve Bank of New Zealand cutting its benchmark interest rate, this decision has not been reflected in our review of the Kiwi's performance yet, and we shall observe major changes only in the tomorrow's report due to differences in time zones.
The common European currency weakened 0.07% against the US Dollar on Tuesday, following a data release on JOLTS jobs in the US, which showed a jump in the number of job openings in June.
The Euro seems to have benefited the most on the first working day of this week, while rallying against all major currencies.
The only currency, which failed to grow in value against the Euro on Friday, was the New Zealand Dollar, as the single currency gained 0.06% versus the Kiwi.
Pressure on the Euro remained in place during the trading session on Thursday. The only substantial positive performance was posted by the EUR/AUD cross, which gained 0.95% amid Australian fundamentals.
The 19-nation currency has gained considerable value on Wednesday, following comments from the European Central Bank's President Mario Draghi.
The single European currency has massively benefited from significantly better than estimated inflation numbers from the Euro zone.
On the first day of summer, the New Zealand's currency managed to erase losses against the Euro that occurred at the end of the previous trading week.
The Kiwi lost substantially during the trading session on Friday. Inflation expectations in New Zealand fell to 1.6% in May, or below the 2% RBNZ target.
Despite US pending home sales gaining 3.4% in April, considerably better than a 0.8% rise expected, the US Dollar failed to appreciate against the common European currency, as the EUR/USD pair surged 0.41% yesterday.
A decline of the Japanese Yen on all fronts provided the EUR/JPY currency pair with the most noticeable daily gain on Wednesday, which amounted to 0.74%.
The common currency dropped the most against the US Dollar on Tuesday, helped by considerably better than estimated US Durable Goods Orders data.
Even though changes of the major EUR currency pairs did not exceed 0.35% on Monday, the common currency registered a decline against all of them.
US Dollar jumped 0.89% versus the 19-nation currency on Friday, following better than estimated inflation data from North America.
Better than expected retail sales statistics in the UK provided the Sterling with major impetus on Thursday; therefore, EUR/GBP dropped by 0.66% and used to be the biggest market mover.
The Euro continued to lose value against the major currencies on Wednesday.
On Tuesday, the European Central Bank announced a possibility to expand asset purchases in May and June, in order to cope with low market liquidity at the end of summer.
The common currency experienced the most considerable drop against the American Dollar on Monday, by declining 0.71%.