ForexLive Asia-Pacific FX news wrap: NZD opens and pops higher after weekend election
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pop</a></li><li><a href="https://www.forexlive.com/news/new-zealand-shifts-right-as-christopher-luxon-named-prime-minister-20231015/">New Zealand shifts right as Christopher Luxon named prime minister</a></li><li><a href="https://www.forexlive.com/news/weekly-market-outlook-16-20-october-20231015/">Weekly Market Outlook (16-20 October)</a></li><li><a href="https://www.forexlive.com/centralbank/imf-yens-recent-declines-are-driven-by-fundamentals-criteria-not-met-for-intervention-20231014/">IMF: Yen's recent declines are driven by fundamentals, criteria not met for intervention</a></li><li><a href="https://www.forexlive.com/news/newsquawk-week-ahead-us-retail-sales-china-activity-data-pboc-nz-uk-and-canada-cpi-20231014/">Newsquawk Week Ahead: US retail sales, China activity data, PBoC, NZ, UK and Canada CPI</a></li></ul><p>
NZD/USD
opened a little higher on Monday after the election over the weekend
resulted in a change of government, as expected. Christopher Luxon
led the centre-right party to the win, with 39% of the vote. The
opposition Labour party clinched 27%. Luxon will govern with the
support of minor parties.
</p><p>NZD/USD
has traded up from its late Friday level around 0.5885 to a high just
over 0.5925. AUD/USD was dragged up a little also.</p><p>USD/JPY
is not a lot changed on the session, circa 149.49 as I post.
</p><p>EUR/USD
and GBP/USD are up a little on the session with no news of impact for
these.
</p><p>From
China we once again got a heavy USD/CNY reference rate setting, and
once again on the 7.17 big figure and around 1300 points lower than
the modelled estimate.
</p><p>Also
from China today was this month’s Medium-term Lending Facility
(MLF), with the largest net injection since December 2020 at an
unchanged rate of 2.5% (2.5% was expected).</p><p>Markets
remain on tenterhooks watching Middle East developments. There was
mixed messaging from Iran over Israel’s imminent ground incursion
into Gaza. As
I post the news is crossing of a 5 hour humanitarian ceasefire to
allow foreigners to exit and humanitarian aid to enter Gaza via the
Egypt border. Its to begin at 9am local through to 2pm.
</p><p>Oil didn't do a lot here:</p>
This article was written by Eamonn Sheridan at www.forexlive.com.
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