The Australian dollar reaches the level it was in before the global financial crisis struck in 2008.

The local currency is trading at $US 93.96 cents. The value is higher than yesterday's close of $US93.28 cents.

Overnight, the Aussie reached $US 94.57 cents, the highest since August 1, 2008.

The local unit traded between 93.14 cents and 94.57 cents since 7 a.m. (Australian EST). The climb could be attributed solely to favorable US retail sales figures which were the best in a span of five months.

The local unit closed at $US 93.40 cents. It is equivalent in value to the British pound at $AU 1.64, to the Canadian dollar at $AU 1.04, and the Euro at $AU 1.37.

Against Asian currencies, the Australian dollar can be exchange at a high value. Against the Chinese Yuan, it is $AU 0.15. Against the Japanese Yen, it is $AU 0.012.

The National Australia Bank business confidence survey showed a return in investor confidence to levels last seen in April. The study also showed improved profits although sales and employment conditions weakened.

The NAB survey also showed business conditions were unchanged at an index reading of 5 points in August. Employment conditions were at the lowest level this year with the index falling to 3 from seven the month before.