19.03 - NZD/USD drops to lowest levels since the COVID-19 crisis, fresh lows since 2009
- by George Solotarov
NZD/USD is currently trading at 0.5611, -2.15% at the time of writing having just taken on the lowest levels since 2009 and a fresh crisis low of 0.5605. NZD/USD's high for the session has been 0.5747. The COVID-19 has caused markets to pile into the US dollar in a liquidity squeeze and market panic with circuit breakers going off on Wall Street in the benchmarks. Copper is limit down for the open today, down by over 9% at the time of writing and this is also weighing on the price.
For New Zealand, the latest news and update on domestic cases has triggered the nation to raises travel advice to the highest level of "do not travel", by order of the Foreign Minister. The deadly coronavirus outbreak continues to spread across the globe, with cases now confirmed in every American state, and in Europe, now classified as the epicenter of the global breakout, Italy is entering its fourth week of the worst national crisis since World War II with no end in sight.