Sydney — Asian shares held within striking distance of recent decade highs on Tuesday and major currencies kept to narrow ranges, while the New Zealand dollar fell after the country’s incoming Labour government laid out its left-leaning priorities. The policies were seen as unfriendly to foreign investment and immigration, and could prove negative for the New Zealand dollar, given that the country runs a current account deficit. The kiwi, the world’s 11th most-traded currency, duly shed all its early gains to trade at $0.6953, not far from a five-month trough of $0.6932 touched on Monday. The kiwi has fallen in four out of the past five sessions. "The announcement … put NZD under broad pressure once more," said Matt Simpson, Singapore-based senior analyst at Faraday Research. "This may or may not necessarily turn out to be a bad thing but investors are focused on the uncertainty and shorting the kiwi." Elsewhere, the market is closely watching China and the 19th Communist Party cong...
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