The Australian dollar continues to push higher, boosted by a recent batch of strong economic data.

At 0700 AEDT on Thursday, the local unit was trading at 95.30 US cents, up from 95.18 cents on Wednesday.

Better-than-expected data from the Australian Bureau of Statistics on Wednesday showed Australia’s trade deficit narrowed to $284 million in September, from $693 million in August.

On Monday, retail trade and capital city house price figures also came in strong while building approvals last week beat expectations.

The strong data along with the Reserve Bank’s decision to leave the cash rate on hold at 2.5 per cent, inline with market expectations, has boosted the Aussie dollar, ANZ senior currency dealer in Auckland Alex Sinton said.

“Much like other central banks, it’s a bit of a wait and see, hold your breath-type scenario,” Sinton said.

“The growth wheels that are turning in some areas of the world are just starting to turn a little bit faster perhaps.”

The Aussie dollar’s next move would depend on labour force figures due out at 1130 AEDT on Thursday, Sinton said.

“The Aussie employment data is the lottery on the cards today,” he said.

“Technically, the Aussie is locked between 95.06 US cents and 95.55 cents.

“I think we’ll nudge up toward the top end of that, but it is really dependent on the employment data.”

AAP