NZ Dollar Rises as Business Confidence Remains Stable, Markets Wait for US Election Results

The New Zealand dollar rose against most of its major rivals today. Markets still wait for the outcome of the US presidential election. But while uncertainty surrounding the election results make investors nervous, it seems markets are in a risk-on mode. As for New Zealand’s macroeconomic data released today, it was not bad, though it was not great either.
The ANZ business confidence was at -15.6 in November, virtually unchanged from October’s reading of -15.7. The report commented on the results:

The preliminary ANZ Business Outlook data for November was pretty stable. Both business confidence and own activity barely moved and remain at subdued levels but definitely in the â€œcould be worse” category.

There is still a high degree of uncertainty surrounding the US election outcome. But while previously that was hurting traders’ willingness to risk, now that does not seem to be the problem as was evident by the rally of global stocks. The possible explanation for such behavior could be that Democratic candidate Joe Biden, which markets favor, seems to be leading in the presidential race.
NZD/USD rose from 0.6693 to 0.6726 as of 9:45 GMT today. EUR/NZD edged up from 1.7503 to 1.7529, bouncing from the daily low of 1.7467. NZD/CAD gained from 0.8785 to 0.8830.
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