NZD/USD: Journey south continues – ANZ
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.
“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”