THE Australian dollar is higher after the European Central Bank cut its key interest rate.
At 1700 AEST on Friday, the local unit was trading at 102.54 US cents, up from 102.36 cents on Thursday.
The Australian dollar strengthened early on Friday in the wake of the ECB's decision to cut its refinancing rate to a record low of 0.5 per cent and stronger US unemployment and trade data, which helped boost equity markets.
However, CMC Markets senior trader Tim Waterer said the currency's rally has slowed as traders await the release of the key US employment measure for April, which is called non-farm payrolls.
"The US non-farm payrolls data being one of the most anticipated events on the economic calendar, the result will likely influence risk appetite heading into next week," he said.
"It was no surprise to see most currencies just treading water today ahead of the release, particularly after some sharp moves following the ECB press conference.
Mr Waterer said anticipation of the Reserve Bank of Australia board meeting on Tuesday would have also capped the rally in commodity currencies.
The RBA is widely expected to keep the cash rate at a near record low of three per cent, but most economists surveyed by AAP believe there will be a cut some time this year.
On Friday afternoon, the Australian currency fell to an almost three and a half year low against the New Zealand dollar.
It dropped to 120.31 New Zealand cents, its lowest level against the trans-Tasman neighbour since December 2009.
The NZ dollar has had a recent surge as the nation's government bonds prove popular with investors because of their above three per cent yield, which is relatively high compared to other nations.
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