According to the Central Bank of New Zealand, in March, the implementation of the Global Compensation Affective Compensation Program (COVID-19) is a package that will release more than NZ $30 billion through bonds purchases. Government debt in the second market, which will run for 12 months, will last until March 2021.

In addition, a senior official revealed that the amount of money released in the economic support program is likely to increase given the impact of the global economy. The cash flow is to support the economy will depend more on financial instruments.

Currently, the interest rate of the Bank of New Zealand is 0.25%. In the future, interest rates will be negative, according to a senior official at the Central Bank of New Zealand’s speech. In Australia, today released over AUD $2.79 billion in cash to stabilize the economy.

Pivot point: 0.64600

R1:​ ​ 0.65100  ​S1:​ ​  0.64100

R2:​  ​0.65500    ​S2:​ ​ ​ 0.63600

R3:​  ​0.66000    S3:​   ​0.63100

Traders should buy NZD: 0.63600, Set Take Profit: 0.65000, Stop loss: 0.63000.

Analyzed by: Mr. Long Samnang, Independent Analyst