The Australian dollar is on the verge of reaching its parity with the US dollar since it was floated freely for more than 26 years.

Analysts said that much of the action is being propelled by the good economic fundamentals of the Australian economy.

The unexpected disappointing results of the US employment numbers in September once would once again give the Aussie another chance to tie up with its American counterpart, currency market strategists in National Australia Bank and Commonwealth Bank of Australia have assessed in separate notes.

The five month-highs in the global equity markets once again tilted down in yesterday's trading in New York and London.

Australia's currency rose 0.3 percent to 99.38 U.S. cents at 12:10 p.m. in New York, from 99.05 cents yesterday, after reaching a record 99.94 U.S. cents. New Zealand's dollar skidded 0.3 percent to 75.82 U.S. cents, from 76.06 cents. It appreciated 76.44, the highest level since July 2008.

The U.S. central bank said in a statement following its Sept. 21 policy meeting that it's prepared "to provide additional accommodation if needed" to support the recovery. Fed Chairman Ben S. Bernanke will speak today in Boston.

"Heightening prospects of the U.S. Fed restarting quantitative easing are providing tailwinds for the AUD/USD," wrote John Kyriakopoulos, head of currency strategy at National Australia Bank Ltd. in Sydney in a note to clients