The Australian dollar opened at its strongest level since 1984 today to start the week well above 90 US cents as an optimistic outlook for the global economy fuelled demand for high interest rate currencies.
The Australian dollar then reached a new 23-year high about 20 minutes after the local session opened.
It touched $US0.9068 at 7.21am to achieve its best result since May 3, 1984 when it closed at 0.9323 in the New York session.
At 7.28am, the dollar hit $US.9074.
The Australian dollar is tipped to reach 91 US cents today as traders take a more sanguine view of the American economy.
At 7am, the Australian dollar was trading at $US0.9048/52, up sharply from Friday's close of 0.8971/75.
During the offshore session, it traded between a low of $US0.8952 and a high of 0.9053.
Bank of New Zealand currency strategist Danica Hampton said an improved appetite for risk boosted the Australian dollar during the offshore weekend session.
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