The Australian dollar closed firmer on Thursday, as recent moves on bulk commodities markets lifted the currency towards 90 US cents in quiet trading.
At 1700 AEDT, the Australian dollar was trading at 89.68 US cents, up from Wednesday's close of 89.09 US cents.
During the day, the unit moved between 89.25 US cents and 89.84 US cents, the latter the currency's highest level since December 17.
The local currency touched its intra-day high about 80 minutes after figures from the Reserve Bank of Australia (RBA) showed total credit provided to the private sector rose 0.1 per cent in November.
Westpac Banking Corp currency strategist Jonathan Cavenagh said the spike higher was unlikely to be related to the data in thin trading conditions.
"It is more to do with the fact that the euro popped higher, the kiwi popped higher and the Aussie kind of followed," Mr Cavenagh said.
The Australian dollar also found support during the overnight session and has now advanced about 2.7 per cent since it posted an 11-week low of 87.44 US cents on December 23.
Mr Cavenagh said moves on bulk commodities markets, from countries such as India and Japan and involving iron ore and thermal coal, were behind the Australian dollar's recent rally.
"Despite not great demand, people are really looking to step up and secure supply," Mr Cavenagh said.
"The whole bulk commodities story is really starting to be a positive again for the currency."
Westpac expects the Australian dollar to reach 96 US cents by the end of the March quarter in 2010.
The local currency market closed at 1700 AEDT on Thursday, with normal trading to resume after the New Year break on Monday, January 4.
At 1700 AEDT, the Australian dollar was trading at 82.88 Japanese yen, up from Wednesday's close of 82.05 yen, and at 62.40 euro cents, up from 62.19 euro cents previously.
The euro finished at 1.4372 US dollars, up from Wednesday's close of 1.4327 US dollars, and 132.82 Japanese yen, up from 131.95 yen previously.
The US dollar was at 92.42 Japanese yen, up from 92.10 yen previously.
