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Ruling Nationals recover support

Thursday, September 14, 2017

WELLINGTON - Support for New Zealand's National Party has surged, a poll published on Tuesday suggests, indicating the ruling party will grab enough votes at looming national elections to govern.

The Newshub-Reid poll is the latest twist in the rollercoaster ride of New Zealand's electoral campaign, coming just weeks after a separate poll showed support for the opposition Labour Party surging above the Nationals.

That had given rise to speculation that Labour would return to power as the lead of a coalition government after almost a decade in opposition.

The unusual volatility has been giving investors jitters. The New Zealand dollar, the 11th most traded currency in the world in 2016, jumped to $0.7265 after the poll was released from $0.7224.

The Newshub-Reid poll showed backing for the National Party up four points at 47.3 per cent and, in a double whammy for Labour, showed the opposition party's support down 1.6 points at 37.8 per cent.

"It's a huge setback for Labour," said Bryce Edwards, Wellington-based analyst at Critical Politics. "It really just shows how volatile this election campaign is."

The National Party has vowed to support free trade as global protectionism rises, in particular, by championing the Trans-Pacific Partnership pact, which Labour has said it would renegotiate.

The surprisingly strong result for National suggested it might not need the nationalist New Zealand First Party, long considered the likely kingmaker, to form a government at the September 23 election.

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Code Inward TTs Outward TTs
CAD 0.61690.5979
JPY 56.853253.8532
GBP 0.36700.3590
EUR 0.41880.4068
NZD 0.69110.6581
AUD 0.63360.6086
USD 0.50190.4849



Exchange Rate updated on 22nd, August, 2017

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