$A strengthens as greenback sold off
The Australian dollar has regained momentum to rise above 82 US cents for the first time in a fortnight as the greenback lost strength.
At 1200 AEDT on Wednesday, the local unit was trading at 81.82 US cents, up from 81.32 cents on Tuesday.
In overnight trade, it peaked at 82.05 US cents, its highest level since December 18.
National Australia Bank chief markets economist Ivan Colhoun said the Australian dollar benefited as its US counterpart weakened against a range of currencies, without any particular catalyst.
"It was more the US dollar broadly weakening a little bit after having had a very strong run over the last few months," he said.
"The US dollar lost a bit of ground against everyone."
The Australian dollar also had a boost from rising commodity prices, especially iron ore which has risen for the fourth straight session, albeit after suffering heavy falls in recent months.
Since the start of 2014, the Australian dollar has fallen from above 89 US cents, after peaking at 95 US cents in July and then sliding.
Meanwhile, the bond market was firmer.
At 1200 AEDT on Wednesday, the March 2015 10-year bond futures contract was trading at 97.240 (implying a yield of 2.760 per cent), up from 97.215 (2.785 per cent) on Tuesday.
The March 2015 three-year bond futures contract was at 97.900 (2.100 per cent), up from 97.860 (2.140 per cent).
