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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.

Overlay of NZD Pairs: 1-Hour Forex Chart
Overlay of NZD Pairs: 1-Hour Forex Chart
NZD Weekly Performance from MarketMilk
NZD Weekly Performance from MarketMilk

New Zealand Headlines and Economic data

Tuesday:

New Zealand eyes further fiscal support to limit job losses

Jobless rate could reach 26% if lockdown extended, according to the Treasury

Wednesday:

Cauliflower leads New Zealand food price increase in March

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 historyFalling oil prices and negative outlook updates on the global economy we’re likely a factor on the Kiwi as well.

Thursday:

Adrian Orr sees the economy making a ‘sluggish’ rather than a ‘V-shaped’ recovery; Says retail banks should lend ‘courageously’ but ‘we need to keep open-minded to other forms of credit’

New Zealand job ad listings have dropped -11.0% nationally compared to Q1 2019

Friday:

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)