At 07:00 (AEST), the Australian dollar was buying 78.68 U.S. cents, up from 77.70 U.S. cents on Friday.
The Aussie was steadily climbing during the weekend before holding ground well above 78 U.S cents on Monday morning, outperforming other major currencies despite the drop of iron ore price.
"The U.S. dollar came under broad pressure but particularly against commodity currencies. AUD was strongest in the G10, with a steady rise from late Sydney," Westpac Bank economists said in a morning note.
"AUD/USD broke above a multi-month range, from 0.7760/70 to 0.7877 - a two-year high."
At 09:00 (AEST), the local unit was buying 78.72 U.S. cents.
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