The Australian dollar hit 14-month highs on Thursday but failed to retain gains as local investors sold into its strength, and after a late jump in the US dollar on speculation officials may try to support the US currency. The Aussie dropped almost 1 cent to a low of $0.8783, from a high of $0.8860, and down from $0.8805 seen here late Wednesday. Against the yen, it slid to 79.16, off the day's high of 79.55.
The Aussie skidded 0.3 percent within minutes to $0.8787 late afternoon after a European Union official said the Eurogroup will discuss the euro's strength. The comment prompted talk that official support measures may be introduced for the ailing US dollar.