SYDNEY: The Australian dollar has hit a seven-week high, as traders largely ignore weak local data and focus on the steady interest rate outlook.
At 7.00am (AEDT) on Friday, the currency was trading at US73.50c, its highest level since October 15, up from US73.20c on Thursday.
The Australian dollar shrugged off disappointing trade figures showing that the deficit blew out to $3.3 billion in October, largely due to a three per cent fall in exports.
Westpac chief currency strategist Sean Callow said the Australian dollar initially fell after yesterday’s weak trade data.
