The pair has been trading in the green in the previous sessions as the New Zealand dollar
slowly creeps back to its previous levels. Recovery is probably on NZD bulls minds, particularly after the NZD rise after the country’s Prime Minister, Jacinda Ardern, declared a state of national emergency to keep up the fight against the ongoing spread of the coronavirus. Jacinda said the government was declaring the emergency and is pulling out all stops to prevent the virus from spreading further. Also, part of the reason the kiwi is rising in this pair is the US Federal Reserve’s announcement of another massive stimulus package to cushion the economy from the adverse impact
of the virus. The Swiss franc
also weakened after markets perked up due to the stimulus package. The Swiss currency is traditionally considered a safe-haven currency by traders, making it vulnerable to sudden optimism in the market.