Investing.com - The Australian dollar rose to fresh four-and-a-half month highs against its U.S. counterpart on Thursday, supported by strong employment data from Australia, while demand for the greenback weakened after the minutes of the Federal Reserve's latest policy meeting.
AUD/USD hit 0.9440 during late Asian trade, the pair's highest since November 20; the pair subsequently consolidated at 0.9430, gaining 0.42%.
The pair was likely to find support at 0.9336, Wednesday's low and resistance at 0.9480, the high of November 8.
Official data showed that the number of employed people in Australia rose by 18,100 in March, exceeding expectatins for a 5,000 rise. The number of employed people in February was revised up to a 48,200 increase from a previously estimated 47,300 gain.
Australia's unemployment rate ticked down to 5.8% last month, from 6.1% in February, whose figure was revised up from a previously estimated 6.0%. Analysts had expected the unemployement rate to remain at 6.0% in March.
In a separate report, the Melbourne Institute said inflation expectations for the next 12 months ticked up to 2.4% in March, from 2.1% the previous month.
In addition, data showed that China's trade balance swung into a surplus of $7.7 billion last month, from a deficit of $23 billion in February. Analysts had expected the trade deficit to narrow to $0.9 billion in March.
China is Australia's biggest export partner.
Meanwhile, the greenback came under pressure after the Fed's March meeting minutes released on Wednesday showed that officials discussed whether to make a more explicit commitment to keeping short-term interest rates at record lows until inflation moves higher, but instead decided to wait.
The minutes also indicated growing concerns among officials over persistently low inflation.
Last month the U.S. central bank reduced the monthly pace of purchases by $10 billion, to $55 billion, and said it is likely to continue paring the program in "further measured steps."
The Aussie was higher against the New Zealand dollar, with AUD/NZD adding 0.24% to 1.0800.
Also Thursday, data showed that the New Zealand business manufacturing index rose to 58.4 in March, from a reading of 56.5 in February, whose figure was revised up from a previously estimated 56.2.
Later in the day, the U.S. Labor Department was to release its weekly report on initial jobless claims.