Economic activity has fallen abruptly as Govt responds to the coronavirus-led health risks
Fundamental Forex Analysis

May exports seen slowing due to coronavirus impact

According to the provisional trade data released by Statistics New Zealand (Stats NZ) for the period May 1 to May 3 on Wednesday, the exports are seen slowing in May due to the coronavirus impact on the economy.

Key details

Exports -10.0% YoY for the period of 1-13 May.

Imports -2.9% YoY for the period of 1-13 May.

Exports -2.5% YoY to NZ$2.16 billion in April.

Imports -22.0% YoY to NZ$3.99 billion in April.

Exports are seen down 1.1% while imports are expected to drop 8.1% up until the period of 13 May YTD.

Market reaction

The kiwi dollar is unfazed by the above indicative data, as NZD/USD trades with sizeable gains above 0.6100.

At the time of writing, the major rallies 0.60% to 0.6108, having hit a daily high of 0.6118.

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