The Australian dollar reached a five-month high against the dollar on Thursday, with the kiwi a little way behind as renewed confidence over a Greek debt offer and upbeat data both at home and abroad lifted risk appetite.

The Aussie touched a high of $1.0758, a level not observed since Sept 1., but strong option barriers from $1.0750 and key technical resistance around $1.0750-65 pushed it back to $1.0739. It has rallied one percent in just 24 hours.

Traders said a continual break could open the way for a retest of the 29-year summit associated with $1.1081 scaled in July, although positioning could work against the foreign currency.

“With Aussie longs very close to or even at saturation point, it might take something special to take it much higher in the near-term,” stated David Scutt, a trader at Arab Bank Australia.

He said Ough.S. non-farm payroll data out on Friday could catapult the actual Aussie higher.

“It doesn’t need a lot of an excuse to find buyers these days,” he added.

The Aussie was also unlikely to become troubled should the Reserve Financial institution of Australia (RBA) cut rates of interest by a quarter point to Four.0 percent next week as numerous expect. Interbank futures

imply about a two-in-three chance of easing as well as rates of 3.5 percent by mid-year.

“The only way it could move on the RBA would be if they decided not to cut,” he said. “It would be a long shot and propel the Aussie.”

Thursday’s lurch higher arrived the wake of stronger-than-expected Australian trade data, with the resource-rich nation boasting the largest annual surplus on record at nearly A$20 billion for 2011.

This augurs well for Australia whose good fortune relies on the relentness rise of Chinese demand for goods. Exports to China, alone, rose 24 percent to A$72 million last year.

The upbeat information on trade offset disappointing data showing a drop of 1 percent in approvals to build new homes.