The Australian dollar has risen to a new three-month high after the release of very strong export data for December.

At 1200 AEDT on Thursday, the local unit was trading at 107.48 US cents, up from 106.12 cents on Wednesday.

Since 0700 AEDT on Thursday, the Australian dollar has traded between 107.05 US cents and 107.49 cents.

The Australian Bureau of Statistics (ABS) on Thursday released international trade figures for December, which showed a rise in the surplus to $1.709 billion.

Total exports rose two per cent to 27.7 billion, the second highest level on record, while imports were also up one per cent.

Commonwealth Bank currency strategist Joseph Capurso said the Australian dollar had gained ground after the stronger-than-expected trade figures.

“It’s quite unusual that the trade figures would move the Aussie dollar but that seems to be what started to push it up,” he said. “Our exports were up and that was seen as a good sign.”

Mr Capurso said the main focus for markets would be the release of US non-farm payrolls data for January, due out on Friday night, the key measure of employment growth.

“I think there are downside risks to that payrolls report, which will probably spark a bit of concern about the US economy,” he said. “It will put downward pressure on the Aussie dollar.”

Mr Capurso said he didn’t expect the Australian dollar to rise above the 107.50 US-cent mark any time soon.

“That was a very strong resistance level in the past and today it hasn’t been able to break through that level,” he said.

The Australian dollar hit a peak of 110.81 US cents on July 27, 2011, its highest level since the fixed exchange rate era ended in December 1983.

Meanwhile, the Australian bond market was weaker.

At 1200 AEDT on Thursday, the March 10-year bond futures contract was trading at 96.215 (implying a yield of 3.785 per cent), down from 96.270 (3.730 per cent) on Wednesday.

The March three-year bond futures contract was at 96.810 (3.190 per cent), down from 96.890 (3.110 per cent).