The Australian dollar punched through US73&cent; early on Wednesday, continuing its recent stellar run as more upbeat economic data trumped the slumping iron ore price.
The currency traded as high as US73.49&cent; after the release of stronger than expected gross domestic product data which showed the economy expanding by 0.9 per cent over the   September quarter, and at an annual rate of 2.5 per cent. 
Those figures came hot on the heels of upbeat housing construction approval data on Tuesday. 
The Aussie has gained about US3&cent; over the past three weeks, and more than US4&cent; since its   September low of US69.08&cent;.
It has been a gravity-defying run for the dollar, which has managed to climb despite the price of Australia's major export, iron ore, dropping 13 per cent over the same period to a decade low of $US42.24 per tonne. The price of iron ore has fallen nearly 30 per cent since early   September, while the currency is up 6 per cent.
The Aussie has also managed to advance in recent weeks despite a similar move higher by its US counterpart.
However, weakness in the greenback helped explain the Australian dollar's most recent push through US73&cent;, NAB currency strategist Rodrigo Catril said, after a key measure of US manufacturing activity dropped to its lowest level since the recession ended in mid-2009.
"While the [Australian dollar] was already in an upward trend following [Tuesday's] solid   October building approvals number, the overnight fall in the US ISM Manufacturing Index to 48.6 triggered a broad base [US dollar] sell-off and provided another leg up to the [Aussie]," Mr Catril said.
Capital Economics US economist Steve Murphy said the weak US manufacturing data "doesn't mean that the [US] economy is headed for another collapse".
"Manufacturing is being pummelled by the stronger dollar and the weakness of global demand, but the other 88 per cent of the economy continues to perform well," he said.
"Accordingly, this won't prevent the Fed from raising interest rates at the mid-  December FOMC meeting."
As the consensus builds on the much anticipated rates lift-off in the US, currency traders have priced in a quarter percentage point move and many expect the greenback to move lower if the Fed does tighten policy on   December 17.
"There may be some adjustment, [perhaps even] dislocation [following the decision]," John Woods, Asia Pacific chief investment officer for Credit Suisse wealth management, said. "If we see a repricing of the US dollar, then the Aussie will probably benefit."
Aside from the potentially major US central bank decision, Mr Woods didn't see any meaningful catalysts for the local currency, and believed it would be "range-bound" in the coming months.
"Over the next two or three quarters, we don't see the Aussie changing in any meaningful way from current levels," Mr Woods said.
"But I don't see that being a medium-term phenomenon," he said, pointing to the drag from the falling terms of trade.
In recent weeks, the local currency's strength has been even more impressive against its other major peers, such as the euro, the pound and the yen.
Money has been flowing out of Europe, in particular, ahead of the European Central Bank's meeting on Thursday night, when it is expected to announce further easing measures.
In comparison, the Reserve Bank of Australia on Tuesday held its official cash rate steady at 2 per cent and the accompanying statement suggested governor Glenn Stevens remained content with monetary policy settings.