FXStreet reports that economists at ANZ Bank note that the NZD/USD pair has held up well in the wake of the weekend’s COVID-19 developments and it is difficult to envisage weakness unless the crisis deepens.

“As we suspected might be the case, the market has taken a glass-half-full view to moves to L2/L3, having seen the ‘script’ before, and mindful of the Crown’s war chest that could be brought to bear should the crisis deepen.”

“Should the situation worsen, we’d expect the NZD to suffer a tad, but in the absence of bad news, we’ll remain in a mildly bullish holding pattern.”