Aussie notches five-month high against the greenback

A larger-than-expected Australian trade surplus pushed up the value of the nation's monetary unit against the world's reserve currency on Thursday,  according to Bloomberg.

The Australian dollar reached its highest value in five months against its U.S. rival while the New Zealand dollar also had a productive foreign exchange trading session on Thursday. The kiwi achieved a third consecutive day of gains.

"The market has taken an overly optimistic view" of data regarding global manufacturing, currency strategist Joseph Capurso with Commonwealth Bank of Australia told Bloomberg. "The so-called risk currencies like Aussie and kiwi can be very well-supported."

At one point during the Thursday trading session the value of the Aussie reached its top value against the greenback since September 1 of last year. But the value of the monetary unit hovered around even against the Japanese yen.

The Financial Times reports the trade surplus of Australia last year increased to record highs. The publication cited strong exports of commodities as another factor that pushed up the value of the Australian dollar against the U.S. dollar.