The Australian dollar pushed further above 94 U.S. cents, defying the country’s central bank assessment that it was ‘overvalued by most measures’. It last traded at $0.9411, not far from the overnight high of $0.9425.
The Aussie has retraced almost all of last Thursday’s fall from $0.9443 to $0.9327 made after Reserve Bank of Australia Governor Glenn Stevens warned that investors were under-estimating the risk of a sharp correction in the currency.
Whether the Aussie will retest its 2014 peak of $0.9505 depends on the local employment report due at 0130 GMT and Chinese trade figures at around 0200 GMT.
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