NZ FinMin Robertson: Largest impact from global recession, health restrictions will be seen in Q2

Dhwani Mehta FXStreet

Following the release of New Zealand’s (NZ) Q1 GDP report, the country’s Finance Minister Grant Robertson noted that the biggest impact of the coronavirus impact will be in the second quarter of 2020.

NZ got a head start on recovery by opening economy quicker than forecast, Robertson added.

Market reaction

The kiwi dollar remains offered on a bigger-than-expected contraction in the NZ economy in Q1, with the above comments doing little to help the NZD bulls.

At the press time, NZD/USD drops 0.17% to 0.6442, having hit a daily low of 0.6436.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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