The U.S. Midterm elections drove activity.....>

FOREX: The U.S. Midterm elections drove activity. Volatility was observed during

the early declarations/projections, although the major space has operated on a

surer footing over the last hour or so, with exp. coming to fruition, as the

Democrats took the House, while the GOP extended its Senate majority.

- The USD finished lower vs. G10.

- Elsewhere, NZD outperformed on a stronger than expected NZ Q3 labour market

report. Headline employment rose 1.1% Q/Q & 2.8% Y/Y vs. exp. 0.5% & 2.0%, with

the uptick in employment outstripping the rise in the participation rate (to

71.1% from 70.9%), which allowed the unemployment rate to fall to 3.9% vs. exp

4.4%. Private wage growth was virtually in line with expectations, slowing a

touch from Q3, although AHE was strong. The release had added importance ahead

of tomorrow's RBNZ MonPol decision. Although wage growth remains limited, the

fall in the unemployment rate may lead to the Bank tweaking its language re: the

labour market.

- Focus now turns to the RBNZ MonPol decision, Brexit matters and fallout from

the Midterms.