THE dollar hit a fresh 10-week high following gains on US sharemarkets, but lost some ground after disappointing jobs figures.
At 5pm AEST, the currency was trading at $US1.0521, up US0.12c. It had earlier climbed to $US1.0551, its highest level since late January, after New York stockmarkets rallied to record highs.
But Commonwealth Bank currency strategist Peter Dragicevich said the Australian dollar lost ground following disappointing employment figures.
Australia's unemployment rate rose 0.2 per cent to 5.6 per cent in March, its highest level since September 2009.
But Mr Dragicevich said the currency had held up relatively well under the circumstances.
"While it was a weaker number I don't think it was a huge surprise to most traders," he said.
"And it still paints a relatively positive picture of Australia's jobs market, especially compared to the rest of the developed world."
