SYDNEY (AFX) - The Australian dollar was higher in early morning trade at above 0.5700 usd on continued US dollar weakness and ahead of local interest rate and GDP announcements tomorrow, dealers said. The unit traded between a high of 0.5719 usd and a low of 0.5669 overnight. A dealer with National Australia Bank said the US dollar strength on Friday probably had more to do with end of week/month and a holiday weekend in the UK than any inherent strength. "Consequently the opening of the new month was associated with more US dollar selling which enabled the Australian dollar to hit another new high for the year," he said. "The Australian dollar has now gained 12.17 pct on the US dollar in 2002 and with the US dollar still under pressure there is no reason to think that the gains are even close to finished. The next target is at 0.5790. "The Australian dollar has not been above this line since the week ending Aug 29, 1997 so this could provide a natural barrier particularly with the technicals being in such overbought territory," he said. "The reality is we continue to favour a weaker US dollar and the target of 0.6000 usd doesn't seem too difficult now," he said. The dealer said that while the US economy "is not in the state of decay that has existed in Japan for the past decade its global (influence) is waning and the US dollar continues to lose its lustre. We continue to believe that this has further to play out."