NZD/USD breaks the opening low
Safe haven trades are starting to find a bid once again but it’s a slow move. NZD/USD is at a fresh low down 35 pips to 0.6573, easing below the opening low.
A better risk proxy is NZD/JPY and it’s still holding the opening low but it’s also under pressure.
I expect fresh rounds of risk appetite when Europe and North American arrive and a big test will be the US open. There are certainly a variety of opinions about the importance of the outbreak and the BTFD crowd is basically undefeated over the past decade. Still, this isn’t yet much of a dip to buy.
Another big factor will be earnings. Here’s a look at the schedule this week: