The Australian dollar is trading higher today on the back of strong consumer confidence figures.

At 3.07pm (GMT) the Aussie dollar was trading at US70.54c, down from US70.29c at close of trade yesterday.

The Westpac consumer confidence index rose to 101.7 points in November and breaking the all-important 100 number mark which shows there are more optimists in the economy than pessimists.

The strong figures have all but ensured that the Reserve bank of Australia will keep rates on hold to the end of the year according to Westpac chief economist Bill Evans,

"There is little chance of a rate cut in December," he noted

Most analysts are expecting the RBA to cut rates at some stage next year but Mr. Evans threw a cloud over that theory by mentioning that the economy remains strong enough to fend off a rate cut,

"The real issue is whether the bank will eventually act to cut rates next year - as confidently expected by the market. It is our current view that the growth dynamics of the Australian economy will remain sufficiently supportive through 2016 to ensure steady rates. The lift in spending expectations and confidence around the employment outlook from the survey point in that direction." He said

The Australian dollar is expected to find strong resistance at the US71c mark with some support be lent around the US70.10c level.