The Australian dollar has made gains despite data showing the fastest US economic growth in almost two years.

At 0630 AEDT on Friday, the local unit was trading at 90.70 US cents, up from 90.34 cents on Thursday.

The currency initially fell after official figures showed that the US economy grew at an annual pace of 3.6 per cent during the third quarter, marking the fastest expansion in almost two years.

Separate US data also showed a sharp 23,000 drop in first-time jobless claims during the last week of November, to a below-average level of 298,000.

Upbeat US economic data in recent months has tended to boost the greenback as it convinces traders the US Federal Reserve can begin tapering its stimulus measures sooner rather than later.

The Australian dollar had been sold off on Wednesday and Thursday, after local national accounts data showed the economy growing by a disappointing 0.6 per cent in the September quarter.

AAP