The Australian dollar opened higher due to strong U.S. equities and successful bond auctions in Europe.

The local currency was trading at at 91.79 US cents. The value is higher than yesterday's close of 91.58 US cents. It was also buying 76.98 yen, 59.28 pence, and 72.12 euro cents.

The local currency has traded between 91.2 and 91.94 US cents since 5 p.m. The upper limit of the range is the Australian dollar's highest level since it reached 92.06 US cents on August 9.

Furthermore, the Aussie is valued at 96.13 Canadian cents, 1.27 Kiwi, and 3.43 Saudi Riyal.

Fears for the state of the banks slowly eased with the bond auctions in Europe. European stocks slowly rose back as sentiments calmed down. In the United States, stocks also closed higher after the Portuguese government auctioned bonds to cover its debt.

Commonwealth Bank vice president of institutional banking and markets Tim Kelleher looks at another solid domestic jobs report scheduled for release at 11.30 a.m. EST. An estimated 25,000 jobs are expected to have been created in the month of August. The unemployment rate is expected to be lower than July's 5.3 percent.

Kelleher expects the Australian dollar to trade within current ranges. “I think we'll see some (Australian) dollar/yen buying,” he said.