The Australian dollar is higher, but trading in a tight range with little data to influence it.
At 1200 AEDT on Wednesday, the Australian dollar was trading at 104.61 US cents, up from 104.52 US cents on Tuesday.
From 0700 AEDT, it has traded between 104.58 US cents and 105.75 cents.
CMC chief market strategist Michael McCarthy said there was little happening to move the dollar around.
"It has been tracking higher against the US (dollar)," he said.
"It hit that high of 104.73 (US cents) this morning, and since then, it's pulled back a bit.
"But there's very little volatility, and we're not seeing much movement."
Mr McCarthy said predictions for an upcoming meeting of the Reserve Bank of Australia had also kept the market subdued.
"I suspect that with interest rate markets pricing a 20 per cent chance of a cut in February, that's keeping exuberance out of the buying."
The RBA is set to meet on February 5 to decide its rate position - it previously cut the cash rate by 25 percentage points to three per cent at its December meeting.
Mr McCarthy said the global picture was improving for many currencies.
"Overall, what we're seeing is a better demand picture globally," he said.
"If you look at the surprising manufacturing numbers from Germany last week, or if you look at the US, it's clear the demand picture is growing."
On Thursday, purchasing managers index data for German research group Markit rose to 48.8 in January, up from 46.0 the month before.
Meanwhile, Australian bond futures prices were unchanged at noon.
At 1200 AEDT on Wednesday, the March 10-year bond futures contract was trading at 96.525 (3.475 per cent), the same as at Tuesday's close.
The March three-year bond futures contract was at 97.120 (2.880 per cent), down from 97.130 (2.870 per cent).