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Dollar pushes towards 93 US cents

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The Australian dollar has hit another four-month high as the prospect of a stable interest rate outlook continues to drive the currency higher.

Early Friday, the local unit was trading at 92.61 US cents, up from 92.43 cents on Thursday.

In overnight trade it peaked at 92.72 US cents, its highest level since November 21.

The Australian dollar has gained almost two per cent this week, helped by the prospect of no more Reserve Bank of Australia cash rate cuts in the foreseeable future.

Bank of New Zealand markets strategist Kymberly Martin said it was a quiet night on currency markets with the Australian dollar and its New Zealand counterpart being the better performing currencies.

“We did see a broad trend of rising commodity prices globally which tends to be supportive of commodity currencies like the Aussie dollar, the Canadian dollar and the kiwi dollar,” she said.

“But I think, generally, we’re just seeing this mood that’s been in place for a few days.

“It’s more of a broad trend rather than any specific trigger overnight.”

Martin said there was very little reaction to the US fourth quarter gross domestic product figures that came in as expected, with the annual growth of 2.6 per cent.

She expects the Australian dollar to trade in a range between 92.20 and 93.00 cents on Friday.

 

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