FXStreet reports that surge in uncertainty has coincided with a plunge in the kiwi. Analysts at Westpac Institutional Bank expect further downside pressure on the NZD/USD pair.

"Over the next few days, analysts will (again) revise lower their economic forecasts for 2020. Such revisions will surely weigh on the NZD, because even though the US is similarly affected, its economy is less externally sensitive."

"NZD/USD remains vulnerable to falling below 0.5500 as economic recession approaches and USD maintains a safe-haven bid."

"Looking ahead, there's no evidence that a peak in COVID-19 has yet been reached, which means further downside for the currencies to fresh multi-year lows."