Dollar continues to tick higher

The local unit has held firmly above US76c, supported by jobs data and iron ore prices.

The Australian dollar is holding onto recent gains with support from the latest jobs figures and stronger iron ore prices.

At 2pm (AEST) on Thursday, the local unit was trading at US76.15 cents, up from US76.07c on Wednesday.

The Aussie was at US76.00 cents just prior to the release of official June jobs numbers at 1130 AEST.

While total unemployement lagged expectations and 30,400 part time jobs were lost, markets reacted positively to the addition of 38,600 full-time jobs in June.

FirstWorld currency trade Alexander Cook said the Aussie was also being supported by improving risk sentiment in markets.

“The gains this week have been led by a six per cent jump iron ore, which saw the Aussie climb 3 per cent,” he said.

“The general positive news for risk appetite was also reflective of a subsiding in the concerns around the UK’s vote to leave the European Union.

“This improving mood in global markets has led to changes in bets on the pace of interest rate cuts and raises in global markets.”

AAP