THE Australian dollar is almost a third of a US cent higher after rallying during the offshore session on Friday night on the back of a solid US jobs report.
At 1700 AEDT on Monday, the local unit was trading at 104.72 US cents, up from 104.43 cents on Friday.
Since 0700 AEDT on Monday, the Australian dollar traded between 104.71 US cents and 105.13 cents.
US non-farm payrolls data, released on Friday, showed 155,000 jobs were added to the US economy in December, and the unemployment rate stayed steady at 7.8 per cent.
CMC Markets senior trader Tim Waterer said markets reacted positively to the figures, which helped the Australian dollar surge higher.
"The US jobs report on Friday wasn't a fantastic number but it came in close to expectations," he said.
"There were some positive signs there, the S&P 500 (in the US) and the Dow Jones index moved higher and that's what is keeping the Aussie dollar well supported."
Mr Waterer said the Australian dollar has a fairly circumspect start to the week after Friday's rally, trading in a fairly narrow range.
"It did have a nice run earlier in the session breaking through 105.00 US cents but it gave up some ground in the afternoon mainly because of some Asian equity market weakness," Mr Waterer said.
"That sapped the Asian market of a little bit of confidence and saw the Australian dollar come off the boil.
"All in all the Australian dollar remains well supported in light of a strong Wall Street finish last week but it looks like any significant moves are being reserved for when we get some key economic data over the coming days."
On Tuesday the Australian Bureau of Statistics will release trade figures for November and on Wednesday it will release retail spending data and job vacancies numbers, both for November.
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