The New Zealand dollar started the week broadly stronger as a clear cut election result was delivered on Saturday night.
By 8am the kiwi was buying US59.73c, having traded in a range between US58.50c and US59.40c for most of the time since Friday 5pm, when it was at US58.68c.
ANZ bank said a clear mandate from the New Zealand voting public combined with a Chinese stimulus package announced during the weekend should provide support for the NZ dollar throughout Asian trading time today.
Attempts to push the NZ dollar lower throughout Friday's trading session were easily thwarted by those looking to square up short positions ahead of the election. The remainder of trading saw the kiwi strengthen, ANZ said.
The US dollar dipped against most major currencies after data showed US employers cut 240,000 jobs last month, pushing the jobless rate to a 14-year high and adding more dark clouds to a gloomy economic horizon.
The NZ dollar gained strongly against the Japanese currency and was at 59.09 yen by today's local open from 57.15 at 5pm Friday.
Against the euro the kiwi was up to 0.4674 by 8am from 0.4605, and it was up slightly to A88.18c against the Australian dollar from A87.90c at Friday's local close. The trade weighted index was up to 60.33 at 8am from 59.37 on Friday evening.