The Australian dollar rose above 91 US cents for the first time in almost two weeks after the release of strong Chinese international trade data.
Early Friday morning, the local unit was trading at 91.02 US cents, up from 90.88 cents on Thursday.
In overnight trade, the currency peaked at 91.36 US cents, its highest level since Tuesday of last week.
Chinese trade data for July showed that exports increased 5.1 per cent year-on-year to $US186.0 billion ($A207 billion), while imports rose 10.9 per cent to $US168.2 billion, revealing some ongoing strength in the Chinese economy.
US stocks have snapped a three-day losing streak, off the back of the Chines data and better sentiment on the European economy.
At the closing bell this morning, the Dow Jones Industrial Average gained 26.34 (0.17 per cent) at 15,497.01.
The broad-based S&P 500 tacked on 6.45 (0.38 per cent) to 1,697.36, while the tech-rich Nasdaq Composite rose 15.12 (0.41 per cent) to 3,669.12.
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Hugh Johnson, chief executive of Hugh Johnson Advisors, said the market was primed for a jump after notching three straight declines.
Chinese trade data for July showed that exports increased 5.1 per cent year-on-year to $US186.0 billion ($A207 billion), while imports rose 10.9 per cent to $US168.2 billion, revealing some ongoing strength in the Chinese economy.
Johnson also cited remarks from European Central Bank President Mario Draghi that the European economy appeared to be stabilising and fresh German trade data that showed a pickup in exports.
These were “a catalyst for an oversold bounce,” Johnson said.
