Weaker American manufacturing data is helping the Australian dollar.
At 1200 AEDT on Monday, the local unit was trading at 93.62 US cents, up from Friday's close of 93.36 cents.
The Australian dollar recovered from losses on Friday during offshore trading after lacklustre US industrial production and New York manufacturing data convinced traders the US Federal Reserve would delay any move to dilute its stimulus measures.
This boosted shares on Wall Street on Friday night and risk appetite currencies like the Australian dollar on Monday.
"The perverse situation in America is that weak data is actually going to help stocks," Easy Forex currency dealer Tony Darvall said.
"And they're not going to tighten their policy any time soon and so that would weaken the US dollar ... and since the Aussie dollar is a little bit of a risk currency, you see the Aussie do well."
The Australian dollar is also benefiting from a weakening Japanese yen.
"A weak Japanese yen does help the Nikkei rally and adds to Aussie dollar strength," he said, adding the Australian dollar could rise above 94 US cents on Monday.
"It's got a good chance."
the local unit was buying 93.92 Japanese Yen at noon, up from Friday's close of 93.49 Yen.
Meanwhile, Australian bond futures contract prices were weaker.
At 1200 AEDT, the December 10-year bond futures contract was trading at 95.835 (implying a yield of 4.165 per cent), down from Friday's 95.850 (implying a yield of 4.150 per cent).
The December three-year bond futures contract was at 96.890 (3.110 per cent), down from 96.900 (3.100 per cent).