The USD ignored soft data. New Zealand faces struggles but private debt aside, is going into this crisis with a decent hand: low government debt, food production capacity, island borders, and a tech-connected population, per ANZ Bank.
Key quotes
“NZD/USD has continued to drift as the USD has strengthened even in the face of appalling data, not that data is the focus at the moment.”
“New Zealand has a real shot at containing COVID-19 whereas it has gotten away in the US (and elsewhere).”
“Exports continue to hold up suggesting the Kiwi will hold up okay, even if it’s not a ‘risk on’ environment. Support is not far away and if broken, spells some exploration lower.”
“Support 0.5830 Resistance 0.6000”
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