The Australian dollar is pushing higher against the world's reserve currency after last year enduring its sharpest losses since the mid 1980s, according to Bloomberg.
The Aussie has risen about 5.3 percent against nine of its top rivals thus far this year. Those counterparts include the U.S. dollar, the Japanese yen and the common currency of the European Union. The South Pacific currency dropped 13 percent against those peers in 2013.
"The Australian dollar is very resilient. It's very hard to push it down. It's based on how strong the US dollar is and at the moment it is looking relatively weak," currency dealer Ricky Liu with Easy Forex told AAP on Thursday. "If we can close above 94 US cents this week, it's more likely that we'll get a retest of 94.60 US cents or 94.40 cents."
The Aussie has risen as a result of asset purchases by global central banks. It also gained after the U.S. Department of Commerce said on Wednesday that the U.S. economy shrank by 2.9 percent during the first quarter of this year.
Analysts polled by AAP said they anticipated the economy would contract 1.9 percent during the first quarter.
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