Asian equities hover near recent maximums

Asian equities hover near recent maximums

On Tuesday, Asian equities held within striking distance of recent decade maximums and key currencies stuck to narrow ranges. Meanwhile, the New Zealand dollar went down after the country's incoming Labour authorities unveiled their left-leaning priorities.

The policies were considered to be unfriendly to foreign investment as well as immigration, and could potentially prove negative for New Zealand’s currency, considering the country’s current account deficit.

The New Zealand dollar shrugged off all its early revenues trading at $0.6953, which is not far from a five-month dip of $0.6932 hit on Monday.

The market is monitoring China as well as the 19th Communist Party Congress, winding up on Tuesday. At this congress China’s President Xi Jinping is believed to issue the composition of the Standing Committee, which is the cornerstone of power in this Asian country.

MSCI's index of Asia-Pacific equities gained 0.1% hitting 549.82 points, which is not far from a 10-year maximum of 554.63 set the previous week.

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