THE Australian dollar has reached its highest level in more than a week, following gains on stock markets.
At 1700 AEDT on Wednesday, the currency was trading at 102.84 US cents, up from 102.44 cents on Tuesday.
It reached 103.02 US cents on Wednesday afternoon, its highest level since February 25.
Westpac chief currency strategist Robert Rennie said the Australian dollar received a boost early on Wednesday after the Dow Jones hit a record high in the US.
The gains continued during Wednesday's local session, with stock markets across Asia higher.
Mr Rennie said the move towards risk assets indicated traders were ignoring negatives such as the onset of $US85 billion ($A83.35 billion) in automatic spending cuts in the US, known as the sequestration.
"I guess what US equity markets are telling us right now is that sequestration doesn't matter.
"The fact we don't have an Italian government doesn't matter and the fact we're seeing increasing signs of policy hawkishness out of China doesn't really matter," he said.
"I think some of that optimism that we have seen through equity markets over the past few days is infectious and it has caught the Aussie and generated some gains."
Mr Rennie said the Australian dollar could continue to gain ground over the next few days but was likely to come under pressure when market attention turned back to the spending cuts and Italy's political situation.
"This period of strength does look as though it can continue to a few more trading sessions, but I think beyond that the focus will shift."
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