At 07:00 (AEST), the Australian dollar was buying 77.73 U.S. cents, up from 76.66 U.S. cents on Tuesday.
The Aussie reached its highest point since January 2018 on the back of weakness by the greenback and a high price for iron ore.
"The cyclically-sensitive Australian dollar seems poised to outperform its major counterparts in 2021, as the island nation keeps the novel coronavirus at bay and continues to benefit from strong demand for its most valuable export, iron ore," FX Street Financial Analyst Daniel Moss said.
At 09:30 (AEST), the local unit was buying 77.55 U.S. cents.
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