The Australian dollar has risen to a fresh seven-week high after the central bank kept its interest rate on hold.
At 1110 AEDT on Wednesday, the local unit was trading at 104.28 US cents, up from 104.27 cents on Tuesday.
It rose as high as 104.44 US cents at 0639 AEDT Wednesday, its highest point since September 20.
HiFX senior trader Stuart Ive said the currency had moved sharply upwards on Tuesday afternoon after the Reserve Bank of Australia (RBA) held the cash at 3.25 per cent at its monthly meeting.
The Australian dollar spiked around a third of a US cent just after the RBA's decision announcement.
"We had that big initial move, then the Australian dollar fluctuated around the 104.20-30 (US cent) point last night," he said.
"We're just punching a bit higher now, because the Dow Jones is up, and there seems more appetite for risk currencies."
Mr Ive said Greek MPs on Wednesday (European time) were expected to pass fresh austerity measures.
"It will probably go through, and the market is taking that optimistically," he said.
Also, the outcome of the much-watched US presidential election would be significant for America's economic stability, he said.
"The market is certainly looking forward to seeing which way this is all going to swing," he said.
"It looks like the chance of (President Barack) Obama getting back in is the most likely result, at this point.
"The main thing, then, is if he gets Congress, because if doesn't get it, the fiscal cliff will suddenly become a bigger thorn in the US side."
The RBA last cut the rate by a quarter of a percentage point in October.