NZ’s general election remains inconclusive - NZ

Analysts at Westpac explained that, on Saturday, the result of NZ’s general election was finalised, but remains inconclusive. 

Key Quotes:

"Accounting for 422,094 special votes caused the preliminary result to change as expected: Labour and Green each picking up an extra seat, National losing two seats.

NZ First remains the monarch-maker, with major blocs National/Act (57 seats), on the centre right, and Labour/Green (54 seats), on the centre left, both shy of the 61 seat majority required to govern alone. It remains unclear which way NZ First will swing, and when it will announce its intentions.

As a consequence, the election-related uncertainty hanging over NZD markets is likely to persist until the composition of the government is announced. Given the NZD has already priced in such uncertainty, and given Saturday’s closing of the seat gap by four is what most analysts had predicted, we would not expect this news to cause a significant reaction in the NZD on Monday morning."