New Zealand PM, Ardern: No community transmission in the country

Prime Minister Jacinda Ardern vows tighter New Zealand border restrictions saying they will become even tighter as Covid-19 continues its spread around the globe.

"I expect that we will see further border restrictions in New Zealand because that is what we have been doing to date," she said yesterday. Her comments come as Finance Minister Grant Robertson announced that he had cancelled a trip to Canberra today to meet with his Australian counterpart, Treasurer Josh Frydenberg. 

FX implications

NZD/USD similarly fell from 0.6260 to 0.6092 – also an 11-year low. 

"The big picture is one of eventual weakness as the global slowdown bites and the RBNZ follows the other central banks. But that may not happen just yet with NZ 10yr rates now the highest in the G10 again and low COVID-19 cases here. But things can change quickly," analysts at ANZ Bank explained. 

NZD/USD regains footing above 0.6100 amid coronavirus woes