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SYDNEY, May 1 Asia Pulse - The Australian dollar continued to rally higher overnight, extending to fresh three-year highs as traders battered the US dollar.
At 0750 AEST the Australian dollar was at 62.63 US cents up from 62.38 US cents at yesterday's close.
The Australian dollar's new high now stands at 62.69 US cents - its highest level since February 22, 2000.
The local currency continues to make new ground, last week pushing to 62.30 US cents, then yesterday breaking through this level to a top of 62.44.
Sentiment towards the US dollar has turned sour and investors are dumping the major dollar in favour of higher yielding currencies, like the Australian dollar.
"People continue to hammer the US dollar remorselessly," Westpac Bank New York-based currency strategist Richard Franulovich said.
He said there were two catalysts overnight for the continued weakness in the US dollar.