empty
 
 

2020.08.2407:37:00UTC+00NZ Dollar Drops After Auckland Lockdown Extension

The NZ dollar dropped against its major counterparts in the Asian session on Monday, after New Zealand Prime Minister Jacinda Ardern extended the lockdown in the country's largest city amid rising Covid-19 cases.

The Auckland lockdown, which had been scheduled to end on Wednesday, was extended by four days.

Auckland will move down to alert level 2 from Monday.

The 10-year bond yield hit a record low following the announcement.

Data from Statistics New Zealand showed that New Zealand retail sales tumbled 15 percent on quarter in the second quarter of 2020 during the Covid-19 lockdown, marking the largest drop on record going back 25 years.

The total volume of retail sales dropped 14 percent on quarter.

The kiwi eased to 1.0982 versus the aussie, from a 4-day high of 1.0934 seen at the beginning of today's trading. The kiwi is seen finding support around the 1.12 level.

The kiwi pared gains to 1.8069 against the euro, from an early high of 1.8021. The kiwi is likely to challenge support around the 1.86 level.

The kiwi reached as low as 0.6525 against the greenback and held steady thereafter. Against the yen, the kiwi slipped to 69.04 at 5:00 pm ET and remained rangebound thereafter. The kiwi had ended Friday's trading at 0.6535 against the greenback and 69.17 against the yen.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback