The Australian dollar has ended higher today, jumping a quarter of a US cent on the release of record trade data showing iron ore and coal exports at double the expected level.
The Australian dollar was trading at 91.34 US cents, up from yesterday’s close of 90.7 US cents.
It was also buying 78.10 yen, 69 euro cents and 57.22 pence.
JP Morgan economist Ben Jarman said investors previously had been concerned with growth slowdown in Asia.
‘‘That’s the kind of thing that would normally weigh down on the Aussie, so the fact that we’re getting a very strong spike in exports reveals that Asian growth, on that data, is still very strong,’’ Mr Jarman said.
The local unit moved up sharply on the release of the trade data at 11.30am, climbing from 91.15 to 91.4 US cents, he said.
The Australian balance of goods and services was a surplus of $3.539 billion in June, seasonally adjusted, from an upwardly revised surplus of $1.825 billion in May, the Australian Bureau of Statistics said.
The market had forecast a trade surplus of $1.80 billion in June.
CMC Markets foreign exchange dealer Time Waterer said the strong trade numbers would be noticed by offshore investors looking to ‘‘go long on growth currencies’’.
‘‘The trade balance numbers reinforced what the market already knows... that the Australian economy is in good shape,’’ he said.
‘‘Softer equities in Asia would likely keep a lid on the Australian dollar at 91.5 US cents until we see how overseas markets perform this evening.’’
AAP