Export data will show the extent of deterioration in agricultural demand in New Zeland as a result of COVID-19 spread through China, economists at ANZ Research apprise. A large share of New Zealand’s exports are directed to Asia, leaving it exposed to the large scale shutdowns in response to COVID-19. The mix of lower export volumes, tourist arrivals, commodity prices and business confidence will be hard for the RBNZ to ignore, weighing on the NZD. Spot: 0.57 ANZ Fair value: 0.63.