NZD/USD: Positive above support at 0.5925 – ANZ

Kiwi is lower on RBNZ dovishness and softer dairy prices while renewed oil weakness poses a risk to all commodities, according to analysts at ANZ Bank.

Key quotes

“NZD/USD took a hit after RBNZ Governor Orr quip yesterday that he is open-minded about monetising the fiscal deficit.” 

“NZ has done a good job of containing COVID-19 with a low R0 and not a single positive result in random tests, suggesting it will emerge less scathed from this crisis, in contrast to the US and Europe. 

“If we can hold above support at 0.5925 it looks okay technically. Even lower oil prices are a fresh risk for all commodities.”