The Australian dollar hit a one-month high, spurred on by rising prices for key metals exports and as the US dollar fell broadly, under pressure from steep oil prices amid fears about Iran's nuclear ambitions.
The Aussie dollar traded a $0.7367-$0.7408 range as local trade resumed on Tuesday following the Easter long weekend, building on Monday's offshore break higher through significant resistance at $0.7350.
Oil topped $70 a barrel, threatening the US growth outlook and weighing on the US dollar, while gold hit a fresh 25-year high above $618 an ounce. Industrial metals also rallied in Asia amid a wave of buying by investment funds.
"The Aussie dollar has received a big boost from negative sentiment towards the US dollar and also the continued surge in gold and metals prices," said Besa Deda, currency strategist at Commonwealth Bank.
"$0.7420 is the first barrier the Aussie needs to crack, before making a reach for $0.7500," she said.
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