The Australian dollar hit a one-year high this week, it has been reported.

Excited Britons planning their cheap holidays in Australia will be pleased at the news this week that the country’s currency is the strongest it has been in a year.

The dollar has risen by 0.5 per cent, reports the BBC, bringing it to a rate of AU$0.86 (44p) against its American counterpart.

According to the news provider, confidence in the global economy has risen among investors and commodity prices have provided a bolster to the Australian dollar.

It added that demand for iron ore and raw materials, particularly from China, has also attributed to Australia’s recent economic success.

Technical currency strategist Andrew Chaveriat, from BNP Paribas SA in New York, told Bloomberg: “The commodity currencies are leading the charge, which is reflecting the big rally in precious metals and the rebound in the oil market.”

Meanwhile, Australia is one of the best places to visit on earth, according to the readers of Conde Nast Traveller, who ranked the country 4th behind Italy, New Zealand and Turkey.

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