The US sealed a US$2.2 trillion ($3.6t) rescue package on the weekend and Australia announced its third and largest rescue package yesterday worth A$130 billion ($133.3b).
New Zealand's government, which last week ordered the nation to lockdown for at least four weeks, continues to announce further measures and to more clearly define existing steps it has taken to cushion the economy from the efforts to stop the spread of the coronavirus.
"I feel we're seeing a transition from a risk-off/risk-on theme to comparative performance," McIntyre said.
"When this all kicked off, if things were looking bad, we saw risk-off and the NZ dollar got sold. If we see things escalate in the US we're more likely to see US dollar weakness and other currencies will outperform," he said.
In the US, a further 20,353 new infections were reported, taking that country's total to 164,253. Reported deaths rose by 575 to 3,165.
New Zealand recorded another 58 infections, taking the total to 647, but only one death has been recorded so far, a woman who died on Sunday.
"I think people are going to see New Zealand as a bit of a safe haven," McIntyre said. "It's becoming more and more obvious as the days go on just how well-placed we are down here."
That's in the absence of any significant bad news emerging about Covid-19's progress in New Zealand.
The New Zealand dollar was trading at 97.43 Australian cents from 98.08 cents at 5pm yesterday. It was at 48.74 British pence from 48.64, at 54.55 euro cents from 54.35, at 65.19 yen from 64.62 and at 4.2627 Chinese yuan from 4.2730.
The bid price on the two-year swap rate closed at 0.5150 per cent from 0.5050 yesterday, while 10-year swaps were at 0.9175 per cent from 0.8800 per cent.
