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April 30th, 2013 
Peter Nolan
THE Australian dollar has reached its highest level in two weeks amid gains on share markets and disappointing US manufacturing figures.
The currency rose to 103.86 US cents early on Wednesday, its highest level since April 17.
By 0700 AEST it had dropped back to 103.70 US cents, but was still up from 103.58 US cents on Tuesday afternoon.
BK Asset Management managing director Kathy Lien said the Australian dollar pushed higher in the early hours of Wednesday as share markets in the US rallied, with the S&P 500 hitting a new record high.
“The Australian dollar has traded quite well, partly due to a risk-on move in financial markets,” Ms Lien said.
She said the currency also benefited from a weaker US dollar, which moved lower due to disappointing manufacturing figures.
Ms Lien said the weaker manufacturing data reduced expectations the US Federal Reserve would begin to wind back its stimulus efforts in the near term.
“That added downward pressure to the US dollar,” she said.
She said the release of Australian and Chinese manufacturing figures would be the key drivers for the currency during Wednesday’s local session.
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