SYDNEY, June 1 (Reuters) - The Australian dollar AUD=D4 shot up nearly half a U.S. cent on Wednesday after data showed the nation's economy grew at a better-than-expected pace in the first quarter, lessening the need for interest rate cuts.
The Aussie gained 0.7 percent on the day to last trade at $0.7286, pulling further from three-month lows touched last week.