NZD/USD has tumbled to a fresh 11-year low,....>

KIWI: NZD/USD has tumbled to a fresh 11-year low, despite earlier drawing a

modicum of strength from USD sales after the ECB unveiled its new EUR750bn asset

purchase scheme. New Zealand's Q4 GDP data released earlier came and went, with

a marginal beat seen in the Y/Y figure, accompanied by an in-line Q/Q reading.

The data showed that NZ GDP growth slowed into the end-year, before the

coronavirus outbreak took hold.

- The RBNZ said in an e-mailed statement that they are "monitoring current

market developments," which are "not unanticipated or unusual given the nature

of the global event." They noted that they "are in close contact with Treasury

and other market participants."

- Stuff reported that NZ gov't "looks set to announce new restrictions on mass

gatherings" after the cabinet meeting on Covid-19.

- The rate sits -23 pips at $0.5717, off the session low at $0.5693. Bears would

like to see a deeper fall, beyond the lower 3.0% Bollinger band at $0.5621.

Bulls look to retake Wednesday's high of $0.5968.

- NZ focus turns to local credit card spending, due Friday.