After some good news and positive economic data from Germany and US were released, the Australian dollar had risen back to above 107 cents. From yesterday’s trading of 106.47 cents, it is now at 107.17 US cents.

The local currency has been seen to be trading in a tight range after lifting overnight, according Tim Waterer, CMC Markets foreign exchange dealer.

"We didn't see any spectacular moves one way or the other. It was just building on those gains, courtesy of more positive data abroad. I think it's in a holding pattern, ahead of some more US and European data out tonight,” he said.

According to the survey for February, the Ifo Institute for Economic Research in Germany has seen that the business confidence has gone up for the fourth month in a row. Mr. Waterer believes that the local unit can even go up to as high as 108 US cents. However, this would also be dependent on the US and European data.

"We've got some German GDP (gross domestic product) figures coming out tonight. There's a forecast of negative two per cent, so if it comes in flat, that will be a good result. There are also new home sales figures in the US, and they have the potential to add to risk appetite this evening,” Mr. Waterer added.

It was also revealed that last Thursday, the number of Americans seeking for unemployment benefits did not rise but remained the same at its lowest in four years. Furthermore, German business confidence index went up for the fourth straight month.

Imre Speizer, senior market strategist of Westpac New Zealand, also expressed that the Australian dollar and stock market also rose overnight.

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