ANZ note that "the COVID-19 health crisis.....>

FOREX: ANZ note that "the COVID-19 health crisis has led to an arm-wrestle in

the currency market. The unprecedented peacetime shock to global growth has been

met by equally unprecedented policy responses. This combination has led to

unparalleled forecast uncertainty. To date, our forecasts for the AUD and NZD

have reflected concerns that the scale of the disruption to global growth would

dominate the market psyche, but the apparent success of policy responses, has

generated a more balanced outlook. We have revised our forecasts, flat-lining

the performance of both the AUD and NZD at around fair value" ($0.70 & $0.65 vs.

USD respectively). "We expect that, over the forecast horizon, both currencies

will trade in a range either side of this median."