US equity markets exploded upwards, to open the trading week, wiping out most of the post-US Midterm Election losses. Oil prices fell back to US$87/barrel and confidence was sky-high. The US Dollar eased back, as sentiment improved, boosting currencies. The EUR looked to regain 1.1200, while the GBP also broke back above 1.3400.The softer reserve allowed for recovery to come for commodity currencies, with the AUD regaining 0.6900, while the NZD pushed back above 0.5600. Election uncertainty remains in NZ, until special votes are finalised, but the status quo was generally welcomed by markets.
