THE Australian dollar has opened higher, rebounding strongly from a disappointing domestic jobs report.
At 7am AEST today, the Australian dollar was at 105.36 US cents, up from yesterday's local close of 105.21 US cents.
The local currency has bounced back after falling near 105 US cents yesterday, when figures showed the nation's unemployment rate rose to a three and a half year high of 5.6 per cent in March.
It recovered lost ground during the offshore session, climbing to 105.8 US cents in European trading before drifting back a bit heading into the start of the local trading day on some profit-taking.
"It has done all right considering the jobs data," Westpac New Zealand senior market strategist Imre Speizer said.
"In fact, where we are right now at 105.39 US cents, it is about where it was before the jobs data was released yesterday.
"Sentiment and some Chinese data has helped lift it back to where it was."
The Australian dollar continued to rise ahead against the Japanese yen in response to stimulus measures announced by the Bank of Japan last week.
At 7am AEST, the local unit was at 104.99 Japanese yen, up from 104.84 yen previously.
With little to offer direction for currency markets in Australia or Asia on Friday, the dollar was expected to trade near current levels for most of the Asian session.
"The next significant set of events will not be until the US data tonight," Mr Speizer said.
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