THE dollar was more than one US cent higher this morning, on record high gold futures prices and continued weakness in the US currency.
At 7am AEDT, the dollar was trading at 102.21 US cents, up from yesterday's local close of 101.14 US cents.
Since5pm AEDT yesterday, the currency has traded between a low of 101.30 US cents and a high of 102.30 US cents.
During the offshore session, official data showed US durable goods orders for February fell by a worse than expected 0.9 per cent.
Meanwhile, US gold futures jumped to a record high of $US1448.60 an ounce.
GFT Forex director of currency research Kathy Lien said a weak US dollar and high gold prices saw the local currency well supported overnight.
"People are questioning the reserve status of the US dollar and the monetary policy actions of the Federal Reserve," Ms Lien said.
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She expected the positive overnight lead to continue during the local session today.
"I think that usually when we have such strong moves, there tends to be some follow through on the overnight action."
"I actually think the Aussie dollar is going to take a stab at this record high of 102.57 US cents."
With no local data due today, the dollar may trade between 101.20 US cents and 102.75 US cents during the domestic session, Ms Lien said.
