Aust dollar rises above US97c

Local currency jumps overnight as Fed speculation sends US$ down sharply.

The Australian dollar has hit a fresh five-month high following a weaker-than-expected employment report from the United States.

At 0630 AEDT, the local unit was trading at 97.08 US cents, up from 96.55 cents on Tuesday.

In overnight trade, the currency peaked at 97.32 US cents, its highest level since June 4.

The US nonfarm payrolls report, out overnight, showed that the US economy added just 148,000 jobs in September, well below the gain of 180,000 the market was expecting.