NZD/USD: Outlook remains negative – Westpac

NZD/USD remains almost entirely influenced by global risk sentiment, as are many other “risky” currencies during this crisis, per Westpac Institutional Bank.

Key quotes

“With global sentiment remaining vulnerable to further weakness, our near term outlook for NZD remains negative, targeting a break below 0.5800 during the week ahead.”

“As March and April hard data are released, markets are likely to react to the actual extent of damage done to the NZ economy, potentially taking NZD/USD below 0.5500.”