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The NZD continues to depreciate, but it was mostly a USD move, according to analysts at ANZ Research. The NZD/USD pair is trading at 0.5601.

Key quotes

“NZD/USD has continued its journey south, but it is abundantly clear that this is a USD story, with the USD DXY rallying sharply to a 3 year high as the ‘risk off’ tone bites, and NZD/AUD breaking parity.” 

“The pair will likely remain under pressure, COVID-19 is a global shock of an unprecedented magnitude in peacetime, and NZ depends on global trade and tourism. Being a food exporter should limit downside.”

“Support 0.5700 Resistance 0.5970”