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Australian dollar riding high

Xinhua, March 3, 2016 Adjust font size:

The Australian dollar surged after stronger GDP figures revealed on Wednesday for the December quarter at 0.6 percent.

At the Asian open on Thursday, the dollar was trading at 72.91 U.S. cents, up from 72.39 U.S. cents the previous day. By 09:51 local time (AEDT), the Australian dollar had fallen slightly to 72.83 U.S. cents.

The Spot Bloomberg U.S. dollar index dropped slightly overnight, despite positive words from John Williams, president of the Federal Reserve Bank of San Francisco.

"The Aussie is now trading at its session highs, knocking on the door of 0.73 U.S. dollars, a level not seen since the start of this year's episodes of elevated global volatility unfolded," National Australia Bank Director and Senior Economist David de Garis said.

"With the global manufacturing PMI data set for this month now dispensed with, the focus today and tonight shifts to the nonmanufacturing counterpart indexes, especially the U.S. ISM nonmanufacturing index tonight," he said.

Australian January trade data will be released at 11:30 AEDT Thursday with expectations for a modest improvement in the trade deficit, said IG Market Analyst Chris Weston.

"When we consider the ongoing rates hold at the Reserve Bank of Australia and another 2 percent rally in the iron ore price overnight, you then have the perfect recipe for AUD appreciation," Weston said. Endit