BNZ is ringing alarm bells on the renewed Australian coronavirus outbreak and its implications for cross.
BNZ couch their analysis in NZD/AUD terms:
- NZD/AUD has found some support after dipping below 0.93
- Traders will be wary of taking the cross lower against a backdrop of the COVID19 outbreak in Victoria, as it risks spreading to NSW.
- The daily increase in new cases for Australia blasted through 500. The state of Victoria continues to show a disturbing outbreak, making up the bulk of new cases. News that 90% of those with symptoms were not self-isolating suggests that the trend is likely to rise further.
- NSW is showing an uptick in case numbers, with links to the outbreak in Victoria. The risk of state governments imposing more economically-restraining restrictions remains very real.
ps. 0.93 on NZ/AUD is around 1.0750 on AUD/NZD if you need.
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State authorities in Victoria are not ruling out further restrictions but listening to their press conferences does indicate this is far from a preferred option for now. The finger is being pointed at people going to work, and out to the shops, while awaiting test results. Authorities argue that imposing further lock down would not assist with addressing this.
NSW, meanwhile, is seeing low numbers but increases there do raise the prospects of renewed lock down measures.
ps. The state of Victoria's mandatory mask-wearing rule while out of the house comes into effect today.
Reprinted from forexlive, the copyright all reserved by the original author.
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