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• Donald Trump has secured a decisive victory in the U.S. Presidential election, reclaiming the White House. The news triggered a rally in risk assets, with major U.S. indices showing substantial gains late in the trading session: Dow Jones up 3.4%, Nasdaq up 2.8%, and S&P 500 up 2.4%. U.S. 10-year Treasury yields climbed 16 basis points to 4.43%, while crude oil prices dipped slightly to $71.70 per barrel. The NZD/USD pair hit a low of 0.5913 before rebounding to 0.5950 prior to Asian markets opening.
• Asian markets had a mixed response to Trump’s projected win. The Shenzhen index dropped 0.5%, Hang Seng fell 2.2%, while the Nikkei rose 2.6%. Australia’s ASX gained 0.5%, driven by technology and banking sectors.
• European markets opened positively as Trump secured Pennsylvania, with the Stoxx, FTSE, CAC, and DAX all rising 0.5%. The U.S. 10-year yield traded at 4.40%, up 12 basis points for the day but 6 basis points below its peak. Brent crude fluctuated around $74.50.
• Trump declared victory from Florida as congratulatory messages from global leaders began arriving. The EUR/USD and GBP/USD pairs fell to lows of 1.0703 (-2.0%) and 1.2847 (-1.5%) respectively.
• A Republican ‘red sweep’ became more probable as Senate results came in and the House leaned towards GOP control. Eurozone PMIs slightly outperformed expectations, with composite at 51.6 (vs 51.2 expected) and services at 48.6 (vs 48.4 expected).
• During London’s midday trading, the U.S. dollar saw increased buying interest.. EUR/USD and GBP/USD declined further to 1.0683 and 1.2835. USD/JPY edged up to 154.46, and U.S. equity futures indicated a strong opening with S&P 500 up 2.1% and Nasdaq up 1.7%.
• The U.S. session lacked significant economic data, with even a decline in Canada’s IVEY PMI (52.0 from 53.1) failing to impact markets.
• Wall Street opened robustly, with the Dow Jones gaining over 3% in the morning, while S&P 500 and Nasdaq both rose more than 2%. European markets underperformed, with FTSE closing down 0.1%, CAC losing 0.5%, and DAX dropping 1.1%.
• Reports emerged in the New York afternoon that Vice President Harris would concede to Trump, who also clinched Michigan, further extending his Electoral College lead.
• Currency markets calmed in the New York afternoon, though USD/JPY reached new highs at 154.70.
• U.S. stock markets maintained their strength late in the session, with Dow Jones up 3.4%, Nasdaq up 2.7%, and S&P 500 up 2.4%.
Here are the latest mid-market rates:
| Currency Pair | Mid-market rate |
| NZD/USD | 0.5939 |
| NZD/AUD | 0.9041 |
| NZD/JPY | 91.79 |
| NZD/CNY | 4.2758 |
| NZD/EUR | 0.5535 |
| NZD/GBP | 0.4611 |
| NZD/HKD | 4.6150 |
| NZD/SGD | 0.7908 |
