An inspection of the top 10 trading partners across the G10 shows two things.
Firstly, commodity producers like Australia, Canada and New Zealand have a more concentrated export base than other countries. Canada, for example, is highly exposed to the US which accounts for nearly 80 per cent of its exports.
Secondly, Australia and New Zealand have many of their major export destinations emerging from lockdown sooner than the US and much of Europe. The restoration of outbound trade will be a critical source of growth for both economies given the impending collapse in discretionary consumer spending.
Virus progression and policy response
The ability of nations to control the pandemic has been a key determinant of sentiment and asset prices.
As a crude measure of how each country has contained the outbreak, ANZ Research measured the number of days that had passed since the peak in daily new cases. The origin of the outbreak means China and its neighbours have seen the worst in daily infection numbers though their fiscal response has not kept pace with the likes of the US, Australia or Japan.