All four banks we track expect the NZ dollar to be higher against the euro by December 2027. The newest, BNZ (9 Nov 2026), sees NZD/EUR at 0.50 by December 2026 and 0.51 by December 2027. Their December 2027 calls run from 0.51 (ANZ and BNZ) to 0.55 (ASB). The ECB reference rate on 11 Nov 2026 was 0.5018.
Bank forecasts
Each row is one bank's latest published forecast, as at the date shown. Figures are end-of-period levels for one NZ dollar in euros.
| Bank · published | Today | Dec 2026 | Mar 2027 | Jun 2027 | Sep 2027 | Dec 2027 | Mar 2028 | Jun 2028 | Dec 2028 |
|---|---|---|---|---|---|---|---|---|---|
| BNZ9 Nov 2026 | 0.5018 | 0.50 | 0.50 | 0.50 | 0.51 | 0.51 | 0.53 | 0.54 | — |
| Westpac19 Oct 2026 | 0.5018 | 0.49 | 0.50 | — | — | 0.52 | — | — | 0.54 |
| ASBOctober 2026 | 0.5018 | 0.51 | 0.51 | 0.52 | 0.54 | 0.55 | 0.56 | 0.56 | — |
| ANZ18 Sep 2026 | 0.5018 | 0.51 | 0.50 | 0.51 | 0.51 | 0.51 | — | — | — |
| Spreadvs today |
Sources: BNZ Markets Outlook, 9 November 2026 (Quarterly Forecasts table); Westpac NZ Weekly Commentary, 19 October 2026 (Economic and financial forecasts table); ASB Economic Forecast Update, October 2026 (FX forecasts by CBA's FX strategists, last updated August 2026); ANZ NZ Latest forecasts (spreadsheet). Kiwibank to be added. ANZ publishes NZD/EUR as a cross derived from its US dollar forecasts, rounded here to 2 decimal places; its note was finalised before the RBNZ's 28 October 2026 decision. "Today" is the ECB reference rate, 11 Nov 2026.
12 months of rates, then the bank calls
Forecast calculator
Type an amount to see it at today's mid-market rate and at each bank's published forecast. It shows what the banks expect. It isn't a quote or advice.
Rates: ECB reference rates converted to NZD, 11 Nov 2026. Forecasts: end-of-period levels from each bank's note, dated. A bank or transfer service will give you less than the mid-market rate.
The past year
On 11 Nov 2026 one NZ dollar bought 0.5018 euros on the ECB reference rate. That is +2.8% on a year earlier (0.4883 on 11 Nov 2025) and +0.0% on a month earlier.
This is what the banks expect. It isn't advice on when to send. A bank or transfer service will quote you a rate below the mid-market rate shown here.
The other way round
For money coming into New Zealand, here are the same figures the other way up. We've inverted each bank's NZD/EUR figure (1 ÷ forecast), so these are the banks' views in our arithmetic, not separate bank forecasts.
| EUR/NZD | Dec 2026 | Mar 2027 | Jun 2027 | Sep 2027 | Dec 2027 |
|---|---|---|---|---|---|
| BNZ9 Nov 2026 | 2.000 | 2.000 | 2.000 | 1.961 | 1.961 |
| Westpac19 Oct 2026 | 2.041 | 2.000 | — | — | 1.923 |
| ASBOctober 2026 | 1.961 | 1.961 | 1.923 | 1.852 | 1.818 |
| ANZ18 Sep 2026 | 1.961 | 2.000 | 1.961 | 1.961 | 1.961 |
Today: 1 EUR = 1.9928 NZD (inverted ECB reference rate, 11 Nov 2026).
The next big moment
The Reserve Bank of New Zealand reviews the Official Cash Rate (OCR) alongside its Monetary Policy Statement. OCR decisions often move the NZ dollar on the day. Source: Westpac NZ Weekly Commentary, 19 Oct 2026 (calendar).
OCR dates and bank callsWhat drives the rate
Interest-rate gaps are among the biggest drivers of NZD/EUR. NZD/USD forecast · NZD/GBP forecast · NZD/AUD forecast · All bank forecasts
The European Central Bank sets interest rates for the euro area. When the RBNZ's Official Cash Rate rises relative to ECB rates, NZ dollar assets pay more and the NZD tends to firm against the euro. The OCR is 2.75% (since September 2026); ANZ, BNZ and Westpac forecast 3.00% by December 2026, and ASB 3.25%.
The NZ dollar and the euro are both traded mainly against the US dollar, so NZD/EUR moves when one of them moves further against the US dollar than the other. ANZ builds its NZD/EUR forecasts from its US dollar forecasts for both currencies.
Westpac's 19 Oct 2026 note put the 5-year average for NZD/EUR at 0.554, with a range of 0.484 to 0.637. The ECB reference rate on 11 Nov 2026 was 0.5018, below that average.
FAQ
Straight answers, with the source and date for every figure.
The banks we track expect it to. BNZ (9 Nov 2026) forecasts 0.50 by December 2026 and 0.51 by December 2027, +1.6% on today. Westpac (19 Oct 2026) forecasts 0.49 by December 2026 and 0.52 by December 2027, +3.6% on today. ASB (October 2026) forecasts 0.51 by December 2026 and 0.55 by December 2027, +9.6% on today. ANZ (18 Sep 2026) forecasts 0.51 by December 2026 and 0.51 by December 2027, +1.6% on today. Today is the ECB reference rate of 0.5018 on 11 Nov 2026. Bank forecasts are often wrong.
At the 11 Nov 2026 ECB mid-market rate of 0.5018, NZ$1,000 is €502. A bank or transfer service will give you less, because it adds a margin to the mid-market rate. At the banks' December 2026 forecasts it would be €500 (BNZ), €490 (Westpac), €510 (ASB) or €510 (ANZ).
Inverting the bank figures (1 ÷ forecast), BNZ's December 2026 forecast of 0.50 equals about 2.000 NZD per euro, Westpac's December 2026 forecast of 0.49 equals about 2.041 NZD per euro, ASB's December 2026 forecast of 0.51 equals about 1.961 NZD per euro and ANZ's December 2026 forecast of 0.51 equals about 1.961 NZD per euro. Today's ECB reference rate is 1.9928 NZD per euro. These figures are our arithmetic on the bank numbers, not separate bank forecasts.