NZD/USD sank Wednesday as broader risk.........>

KIWI: NZD/USD sank Wednesday as broader risk aversion and softer oil prices took

their toll on commodity-tied FX, with participants taking note of the economic

hit from Covid-19. Souring sentiment sent the rate to weakest lvls in a week.

- Several top econ officials testify to New Zealand's parliamentary Epidemic

Response Committee. RBNZ Gov Orr should speak at the bottom of the hour. The

Committee's meetings can be watched live at http://tiny.cc/NZERC.

- Dep PM Peters told Newstalk ZB this morning that NZ will likely exit "level 4"

lockdown next week, moving into "level 3". It would mean the re-opening of some

businesses. Peters said that borders would remain shut until there is a vaccine.

- NZD/USD sits -7 pips at $0.5984. Bears were pleased to see it drop below a

former breakout lvl at $0.6070 y'day. The key near-term support is at $0.5844,

Apr 3 low. A break here is needed to put bears in the driving seat. A rebound

above Apr 14 high/50-DMA at $0.6131/38 would reinstate the bullish theme. 

- NZ docket is empty during the remainder of this week, which shifts the focus

to today's labour mkt report out of Australia & tomorrow's GDP & activity

indicators out of China.