THE Australian dollar is slightly lower after recovering most of the losses it made after the release of strong US jobs figures.
At 1700 AEST on Friday, the local unit was trading at 91.57 US cents, down from 91.71 cents on Thursday.
The Australian dollar hit a low of 90.59 US cents early on Friday, after weekly US jobless claims fell to their lowest level since October 2007.
The data added to speculation that the US Federal Reserve will make an announcement on winding back its economic stimulus plan called quantitative easing (QE) at the September 17 and 18 Federal Open Markets Committee (FOMC) meeting.
The Australian dollar staged a recovery during Friday's local trading session, helped by stronger commodity prices and an early rally on the Chinese share market, CMC Markets senior trader Tim Waterer said.
"It could be described as a cautious move higher by the Australian dollar today, particularly in light of growing expectations that US tapering could be imminent which would benefit the greenback," he said.
"Investors will be going over each US economic indicator with a fine-tooth comb in assessing how each release may sway the Fed's thinking with regards to QE continuation or otherwise.
"Some erratic moves by the US dollar in response to mixed economic data is creating waves in the currency market and I expect this theme will likely continue for some time."
During the offshore session on Friday, US July building permits data for July will be released, as well as the University of Michigan consumer confidence index.
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