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Dollar on a new high

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The Australian dollar remains above 94 US cents following stronger-than-expected jobs figures.

Early Friday, the local currency was trading at 94.14 US cents, down from 94.38 cents on Thursday.

The Australian dollar surged to a five-month high on Thursday, peaking at 94.63 US cents, thanks to the weaker US dollar and surprisingly strong jobs figures showing Australia’s unemployment rate had fallen to 5.8 per cent in March.

Arab Bank treasury dealer David Scutt said the Australian dollar would likely range-trade ahead of a batch of Chinese data being released next week.

“It was a rare session of consolidation, rather than gains, for the Australian/US dollar overnight with the pair operating in a relatively thin range between 94.01 US cents and 94.61 cents,” he said.

“Despite the arrival of further Chinese data today, this time CPI and PPI data for March, it’s likely the pair will continue to range trade as investors await the arrival of further Chinese data over the course of next week.”

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