The Aussie dollar just hit its highest level since the US election

Photo by Dan Mullan/Getty Images

The Aussie dollar is now at its highest level since November 2016, a short time ago climbing past US77.5 cents.

The Aussie has had a big week after more dovish sentiment from the Reserve Bank of Australia last week sent it back below US76 cents.

Since then, the AUD has found steady support and was further buoyed by US Fed Chair Janet Yellen’s cautious stance this week in her testimony to US Congress.

After starting the day around US77.3 cents, the Aussie has made a late run as the UK trading session kicked off with the AUD in high demand.

As David Scutt noted this morning, the Aussie has made repeated attempts to break through the .7740 to .7780 range over the past year to no avail.

Further support tonight could see it test that key resistance level, which if broken would see a move towards US78 cents on the cards.

The Aussie’s short-term fortunes will most likely be decided tonight at 10:30pm AEST, with the release of key inflation and retail sales figures in the US.

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