New Zealand Prime Minister Jacinda Ardern put Auckland back into stage 3 lockdown, for three days as a “precautionary approach”. That came after the country recorded first new local coronavirus cases in 102 days. More importantly, the mystery cases, which were all diagnosed in one family, was spread from an unknown source.
Besides, Arden also decided to postpone the dissolution of parliament, due on Wednesday, ahead of an election just weeks away. The electoral commission was working through the implications of the coronavirus outbreak, and a decision would be on on the elections which are scheduled for September 19.
Despite the double hit by RBNZ and coronavirus, NZD/JPY is relatively resilient so far. Though, the condition is building up for a near term fall to correct the whole rebound from 59.49. Focus is now on 69.54 support and firm break there would pave the way to 38.2% retracement of 59.49 to 71.67 at 67.01.
