SYDNEY: The Australian dollar has hit a fresh one-week high, getting a boost from stronger-than-expected economic growth figures.
It was worth US78.15c at noon (AEST), up from US77c yesterday.
During the morning it peaked at US78.19c, its highest level since Tuesday of last week.
March quarter gross domestic product (GDP) was up 0.9 per cent, helped by higher mining export volumes, and much better than the 0.5 per cent the market was expecting.
Easy Forex senior dealer Liam Moon said the Australian dollar was able to build on its gains made yesterday after the Reserve Bank showed no indication that it was thinking of cutting the cash rate further and some weak US data.
“It’s obviously continued on from its trend yesterday after some good news from the RBA,” he said.
“It’s holding just below US78.20c, it doesn’t look like it will break through that level, but if it does, it could get to high 78s or 79 US cents tonight.”
However Mr Moon said the Australian currency was in for some more volatility in the coming days with local retail spending figures out tomorrow, and the very important US non-farm payrolls employment report, due out on early on Friday night, Australian time.
