The Australian dollar achieved its top value thus far this year against the world's reserve currency on Thursday, prompted higher by the South Pacific nation's unemployment rate falling for the first time since the end of the third quarter of last year, according to Bloomberg.
The Aussie marked a third-straight day of gains against the U.S. dollar, surging also due to weaker-than-expected import and export data released by China. The Asian nation is a top partner for trade and commerce to Australia, thus the Aussie is sensitive to Chinese economic and financial developments. Australian consumer confidence also climbed, pushing up the value of the Aussie.
"We have seen increased volumes coming into the Australian dollar along with record short-covering over the last two weeks," senior markets analyst Matt Simpson with ThinkForex told The Sydney Morning Herald on Thursday. "When you combine this with greenback weakness, then the baby-bull run we are witnessing begins to make more sense. But I don't see this lasting too much longer."
The Australian dollar rose roughly 0.6 percent against the U.S. dollar on Thursday, touching its top value against its cross-Pacific rival since the middle of November of last year.
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