The Australian dollar is higher against its US counterpart after news that Australia’s economy expanded 1.1 per cent in in the last quarter of 2016, among the strongest quarterly performances in the past five years

At 0635 AEDT on Thursday, the Australian dollar was worth 76.73 US cents, up from 76.61 US cents on Wednesday.

Brown Brothers Harriman said in a note that the US dollar rose against all the major currencies – except the Australian dollar which, along with the Swedish krona outperformed.

The greenback, meanwhile, jumped 0.8 per cent against a basket of six major currencies, its highest since January 11.

CMC Markets chief market analyst Ric Spooner said US president Donald Trump’s much anticipated Congress speech on Wednesday (AEDT) contained nothing new, nor details of his plans to boost the US economy, so the address had little impact on financial markets.

The Australian dollar is also higher against the yen and the euro.

AAP

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