NZX 50 hits record; kiwi dollar at 18-month high

Financial markets have been on a tear since Americans voted. The currency was up 2.7 percent against its American counterpart, while the S&P/NZX 50 Index jumped 3.5 percent.

Mike Shirley, a senior trader at Kiwibank, said investors were dumping the US dollar to chase yields in equities or riskier currencies. 

The kiwi dollar was trading at 68.13 US cents, its highest level since March 2019, up from 67.78 cents on Friday and about 66.30 cents before election day.

“Asian equities have done well today, and the kiwi is a currency that tends to track alongside other risk assets,” he said.