The Australian dollar has hit a fresh two-week high after the release of solid economic growth figures for the June quarter.

At 1200 AEST on Wednesday, the local unit was trading at 90.92 US cents, up from 90.34 cents on Tuesday.

Australia’s gross domestic product (GDP) was up 0.6 per cent in the June quarter for an annual rate of 2.6 per cent, the Australian Bureau of Statistics figures showed on Wednesday morning.

The figures were in line with the median market forecast but some economists were expecting very weak growth of 0.2 per cent for the quarter, so the outcome was a relief to investors.

After the data was released, the Australian dollar rose almost half a US cent and peaked at 90.96 US cents, its highest level since August 20.

Westpac chief currency strategist Robert Rennie said the Australian dollar could extend its gains when European and US markets start trading, especially after a neutral Reserve Bank of Australia statement on Tuesday.

The RBA kept the cash rate at a record low of 2.5 per cent, but its statement had little guidance on future rate movements.

“I think price action we’ve seen in the last few days shows the potential for a further squeeze up is there,” Mr Rennie said.

However, he added, US miliary action on Syria as punishment for using chemical weapons on its own citizens may see the Australian dollar fall.

“I still think there is a possibility it will rise to 91.50 US cents in the next 12 to 24 hours, and I also wouldn’t be surprised to see the Aussie down to 90.20 US cents,” Mr Rennie said.

“I know that’s a wide range but there’s a wide range of factors that could drive it.”

Meanwhile, Australian bond futures prices were lower at noon.

At 1200 AEST on Wednesday, the September 10-year bond futures contract was trading at 95.965 (implying a yield of 4.035 per cent), down from 96.005 (3.995 per cent) on Tuesday.

The September three-year bond futures contract was at 97.050 (2.950 per cent), down from 97.130 (2.870 per cent).