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Australian dollar hits 3-week high versus US dollar

australian-dollarLONDON: The Australian dollar rose to a three-week high against the US dollar and continued to power higher against the broadly weaker Japanese yen, hitting its highest in more than four years.

 

The higher-yielding and growth-linked currency was buoyed after Chinese trade data boded well for Australia's exports, while traders reported Japanese retail demand to buy the currency against the low-yielding yen.

 

The Australian dollar rose to $1.0568, its highest since Dec. 17. Traders cited offers up to $1.0580. Above that, however it would target the Dec. 12 high of $1.0585.

The currency also rose to 93.26 yen.

Copyright Reuters, 2013