It was a relatively light economic calendar from New Zealand this week, so there was not much to shield the Kiwi from unscheduled negative commentary from New Zealand government this week.
It’s also possible Kiwi bears were rolling with the weakness in the Aussie, suffering after historically bad sentiment numbers from Australia came early in the week.
New Zealand Headlines and Economic data
The Kiwi took a big dip during this session, and it’s highly until likely the rise in food prices was the catalyst. It’s possible that the Aussie’s turn lower may have been an influence, falling on news that Australian consumer sentiment drops most in 47-year history. Falling oil prices and negative outlook updates on the global economy we’re likely a factor on the Kiwi as well.
No updates from New Zealand to contribute to the Kiwi’s bullish turn during the very early Asia trading session, so it’s likely on the bullish shift in risk sentiment after the U.S. outlines a plan to re-open the economy and news of a promising coronavirus therapy (a Gilead Sciences drug showed some effectiveness in treating the coronavirus)