Investors are increasingly interested in holding cash, especially the US dollar, seen as a safe haven amid escalating geopolitical tensions in the Middle East. Additionally, attention is being paid to Israel's response to recent air attacks by Iran in the past week.

The New Zealand dollar hasn't received much support, given uncertain economic data from China. Despite China's GDP increasing by 1.6% quarter-on-quarter in the first quarter of 2024 and industrial production rising by 4.5% in March, the New Zealand dollar remains weak.

On the other hand, the US dollar has strengthened due to higher-than-expected retail sales, reducing expectations that the Federal Reserve will ease monetary policy soon. Investors are now closely watching US housing data and Federal Reserve Chair Jerome Powell's remarks scheduled for Tuesday.