The Australian dollar is at a multi-month high

Hiker jumps on the rock near Everest in Nepal. Photo: iStock

The Australian dollar has opened the new year above the 78 US cent level, continuing to benefit from broad-based US dollar weakness and stronger commodity prices.

Here’s the scoreboard as at 8.45am AEDT.

AUD/USD 0.7805 , 0.0004 , 0.05%
AUD/JPY 87.92 , 0.03 , 0.03%
AUD/CNH 5.0830 , 0.0026 , 0.05%
AUD/EUR 0.6499 , 0 , 0.00%
AUD/GBP 0.5772 , 0.0001 , 0.02%
AUD/NZD 1.0985 , -0.0021 , -0.19%
AUD/CAD 0.9801 , 0.0006 , 0.06%

“The USD index fell 0.3% and losses were broad-based relative to G10 peers,” said Alex Stanley, senior interest rate strategist at the National Australia Bank, in relation to the final trading session of 2017.

“In addition to broad USD weakness, the AUD is being supported by stronger commodity prices.

“The Bloomberg commodity index closed 0.4% higher, marking an 11th straight day of gains.”

That saw the AUD/USD close 2017 at .7801, an increase of 8% for the year.

AUD/USD Daily Chart

Turning to the day ahead, it looks set to be a quiet one despite the return of most major markets following the New Years Day holiday.

In Australia, markets will receive the Ai Group’s Performance of Manufacturing Index at 9.30am AEDT. That will be followed 30 minutes later by the release of CoreLogic’s Home Value Index for December.

Neither will be market moving.

On the regional front, traders will receive manufacturing PMI readings from China, South Korea and India.

Later in the session, the deluge of manufacturing PMI reports continues with figures from the Eurozone, UK and US all scheduled for release.

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.