NZD/USD: Support is not far away – ANZ

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”