The Australian dollar is slightly higher after Japan's central bank announced it would extend its stimulus program for the world's third largest economy.
At 1700 AEST on Wednesday the Australian dollar was trading at 104.61 US cents up from 104.56 cents on Tuesday.
It was trading at 82.76 Japanese yen, up from 82.26 yen on Tuesday, and at 80.06 euro cents from 79.82 euro cents.
The Bank of Japan (BoJ) announced it would boost its asset-purchasing fund by Y10 trillion ($A121.74 billion) to Y80 trillion ($A973.89 billion).
It follows the US Federal Reserve's announcement last week that it would buy $US40 billion ($A38.43 billion) a month in mortgage-backed securities to push down long-term lending rates.
The European Central Bank earlier this month unveiled a new bond-buying scheme to push down the borrowing costs of debt-laden member nations like Spain.
Westpac chief currency strategist Robert Rennie said on Wednesday that the BoJ's announcement had turned around the gradual slide in the Australian dollar that had followed last week's rallies.
"Essentially, we've had three central banks now deliver some form of liquidity and I think that's something that continues to support the Australian dollar," he said.
"I'm not surprised to see it (the Australian dollar) higher today and I wouldn't be surprised to see it continue to rise overnight."
Since 0700 AEST on Wednesday, the Australian dollar has traded between 104.19 US cents and 104.75 US cents.
Mr Rennie said ongoing concerns about falling commodity prices would prevent the Australian dollar rallying beyond 105 US cents.
Minutes of the Reserve Bank of Australia's September board meeting, released on Tuesday, showed iron ore prices had fallen by 35 per cent since mid-June.
Meanwhile, Australian bond futures prices have fallen following the BoJ announcement.
At 1630 AEST on Wednesday, the December 10-year bond futures contract was trading at 96.745 (implying a yield of 3.255 per cent), down from 96.765 (3.235 per cent) on Tuesday.
The December three-year bond futures contract was at 97.380 (2.620 per cent), down from 97.400 (2.600 per cent).
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