The Australian dollar reached a new nine month high on Friday, and its recent run of popularity among investors could see it imminently trading with a US78¢ handle.

A continuation of soft economic data releases from the US, including industrial production due over the weekend, could lift the Aussie as high at US78.20¢, its next big resistance level, HSBC's head of corporate foreign exchange sales Paul Edward said.

Despite the deceleration in [the] job growth trend, the RBA will remain stationary for the foreseeable future, protecting Aussie's 2 per cent yield. 

Boris Schlossberg, BK Asset Management

The currency topped US77.35¢ on Friday, enjoying support during European and US markets on a combination of solid local jobs figures and Chinese GDP and industrial production numbers hitting the mark. 

"The China numbers were a little bit stronger in each case, and it has built a little bit of confidence in that continued soft landing [scenario] we've been advocating for some time," Mr Edwards said.

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The data should add to the firmness commodity prices have been enjoying of late, but Mr Edwards said paradoxically, the Aussie was still strong despite commodity prices easing ahead of the data release. 

"It's not just a flash in the pan for the Aussie; there's been a broad-based change in sentiment."

The Aussie is trading higher against most of its major pairings. Overnight it hit a six-month high against the British pound. Photo: Dominic Lorrimer

"At the moment the market appears to be quite happy to embrace the Aussie; there are some quite strong resistance levels between where we are now and higher. It seems we are grinding towards those resistance points."

Late on Friday the currency was buying US77.08¢.

The currency is trading higher against most of its major pairings. Overnight it hit a six-month high against the British pound, rising 1 per cent to 54.59 pence, after the Bank of England kept rates on hold overnight at a 0.5 per cent, citing Brexit risks to growth.

The Aussie is also sitting at one-month highs against the euro, buying 68.48 euro cents. 

But its biggest strength has been against the New Zealand dollar, which has been under pressure due to the expectation for more rate cuts across the Ditch, buying $NZ1.12.

The two currencies' fortunes have diverged in recent months due to interest rate expectations for the two nations. While bets are decreasing of an interest rate cut by the Reserve Bank of Australia due to improving economic data, expectations are rising of more cuts by the Reserve Bank of New Zealand. 

The prospect that Australian interest rates will remain on hold at a relatively high 2 per cent is adding to the attraction from foreign exchange traders, BK Asset Management managing director Boris Schlossberg said.

"Despite the deceleration in [the] job growth trend, the RBA will remain stationary for the foreseeable future, protecting Aussie's 2 per cent yield and which will in turn attract more carry trade flows into the pair," he said.