THE Australian dollar is higher after gains on stock markets and in the gold price overshadowed a warning from the International Monetary Fund about the currency's value.
At 1700 AEST on Friday, the currency was trading at 103.43 US cents, up from 103.17 cents on Thursday.
CMC Markets senior trader Tim Waterer said the Australian dollar fell as low as 102.82 US cents on Friday morning after an IMF official said the currency was about 10 per cent overvalued.
But Mr Waterer said it rebounded thanks to improvements in the gold price and gains on stock markets.
Stock markets rallied across Asia, led by a two per cent gain on the Shanghai Composite Index.
"The IMF comments did not appear to have any lasting, negative impact with the Australian dollar instead taking its lead from the better risk sentiment on Asian markets today," Mr Waterer said.
He said movements on equities markets and in commodities prices would continue to drive the Australian dollar movement's during Friday's overnight session.
At 1700 AEST, the Australian dollar was trading at 102.21 Japanese yen, up from 101.10 yen on Thursday, and at 79.13 euro cents, up from 79.06 euro cents on Thursday.
Meanwhile, Australian bond futures prices finished the local session little changed.
Nomura head of fixed income Jon Linton said local bond futures had traded in a fairly narrow range during Friday's local session.
"It's been very quiet, the market hasn't really moved," he said.
At 1630 AEST on Friday, the June 10-year bond futures contract was trading at 96.800 (implying a yield of 3.200 per cent), down from 96.810 (3.190 per cent) on Thursday.
The June three-year bond futures contract was at 97.320 (2.680 per cent), unchanged from Thursday.
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