ForexLive Asia-Pacific FX news wrap: USD a little softer – ForexLive

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There was some USD weakness during the session with gains across major FX. Japanese markets were closed for the Labor Thanksgiving Day holiday and US markets will be closed also on Thursday for the Thanksgiving holiday.
News flow was light. Dutch anti-EU far-right populist Geert Wilders won the most seats in the election, with 35 out of 150 seats, 9 seats ahead of the closest rival. This is a greater margin than was expected. Wilders is expected to try to form a right-wing coalition government with the VVD and new party ‘New Social Contract’. It won’t be smooth sailing though, both parties have said they have serious doubts about working with Wilders. Many pundits express scepticism that Wilders can become PM. I’m not in touch with Dutch political machinations so will leave the intricacies to those who are, but will say the better than expected performance will be an encouragement for other far-right populist politicians in Europe and more widely. As I said above, though, EUR bounced alongside a broadly weaker US dollar.
The suspected terrorist attack on the US-Canada border crossing on Wednesday has since been shown to be a tragic traffic mishap. The FBI has handed over the investigation to local authorities.
China’s state planner, the National Development and Reform Commission of the People’s Republic of China (NDRC), said it’ll be ramping up regulation of iron ore trading. AUD came off its session highs on the headline.
New Zealand is expected to swear in new PM Luxon on Monday. The election was back on October 14 but the NZ system can leave results in the wind for some time. Obviously.
Finally, and I hope of no relevance whatsoever going forward, a major outbreak of pneumonia in China has reportedly overwhelmed paediatric hospitals in Beijing and Liaoning.
Happy Thanksgiving to those celebrating!
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