NZ Dollar Strengthens As NZ Set To Lessen Lockdown Restrictions
19 Abril 2020 - 11:04PM
RTTF2
The New Zealand dollar spiked up against its major counterparts
in the Asian session on Monday, after Prime Minister Jacinda Ardern
announced plans to ease lockdown restrictions from next week,
citing a slowdown in the new coronavirus cases after imposing tight
restrictions for a month.
In a news conference, the PM said that the nation will move from
the current alert 'level four' restrictions to 'level three' on
Tuesday. It will remain at level 3 for at least two weeks.
The chain of transmission has broken, the PM said, adding that
the economy could start to operate again without the virus
scare.
The relaxation allow schools to re-open, businesses such as
construction, manufacturing and forestry to resume operations and
restaurants to offer delivery services.
China cut its benchmark lending rate by 20 basis points as
expected, as the economy contracted for the first time at least
since 1992 amid coronavirus outbreak.
The one-year loan prime rate was lowered by 20 basis points to
3.85 percent and the five-year loan prime rate was cut by 10 basis
points to 4.65 percent.
The kiwi appreciated to a 5-day high of 65.34 against the
greenback from last week's closing value of 64.83. The next
immediate resistance for the currency is seen around the 67.00
level.
The NZD/USD pair approached 0.6061, its strongest since April
15. The kiwi is seen finding resistance around the 0.64 mark.
The kiwi firmed to 6-day highs of 1.7930 against the euro and
1.0491 against the aussie, off its early lows of 1.8077 and 1.0556,
respectively. The kiwi is likely to challenge resistance around
1.70 against the euro and 1.02 against the aussie.
Looking ahead, Eurozone current account and trade data for
February are due in the European session.
Canada wholesale sales for February are set for release at 8:30
am ET.
Euro vs NZD (FX:EURNZD)
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Euro vs NZD (FX:EURNZD)
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