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New Zealand’s Finance Minister, Robertson, has said that the government and RBNZ have scope to respond if needed due to virus.

Key notes

  • Risk of longer-term economic impacts from the virus.
  • NZ economy is in a strong position to respond to the virus.
  • The virus will have a serious impact short-term.
  • It is responsible to plan for multiple scenarios.

FX implications

 Market pricing for RBNZ implies a 30% chance of easing at the next meeting on 25 March, with a terminal rate of 0.68% (RBNZ OCR currently at 1.0%).

  • NZD/USD refreshes four-month low under 0.6300 after New Zealand Trade Balance

Meanwhile, markets are turned into:

 Watch Live: President Trump and members of the coronavirus Task Force hold a news conference