The Australian dollar is higher against its US counterpart as the greenback is sold off.

At 0635 AEST on Friday, the Australian dollar was worth 74.11 US cents, up from 74.03 US cents on Thursday.

BK Asset Management’s managing director of FX Strategy Kathy Lien said investors had sold off the US dollar ahead of expected strong key US jobs figures.

“Investors sold US dollars ahead of Friday’s non-farm payrolls report and even the passing of the Health Care bill in the House (of Representatives) failed to help the dollar,” she said.

“Job growth is expected to be strong after last month’s big disappointment and following the FOMC (Federal Open Market Committee) statement’s positive labour market assessment.”

The local currency is lower against both the yen and the euro.

AAP

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