Australia dollar at one-year high

The Australian dollar is at its highest in a year as confidence increases about the global economy.

The currency rose 0.5% to AU$ 0.86 against the US dollar. The Australian currency is up 21.5% this year.

Investors have been more positive about a global economic recovery, and the Australian currency has benefited from a rise in commodity prices.

Australia is one of the few developed countries to have avoided falling into a recession.

Chinese demand for its iron ore and other raw materials has also boosted Australian exports.