The Australian currency is almost unchanged on Tuesday's local close after minutes of the Reserve Bank of Australia's September board meeting shortened odds of an October interest rate rise.

At 5pm AEST, the local dollar was buying 94.54 US cents, a touch down from Monday's finish of 94.55 cents. The Aussie reached 94.94 cents overnight, the highest since August 2008.

Since 7am AEST, it had changed hands between 94.43 cents and 94.80 cents.

The Aussie rose one tenth of a US cent this morning after minutes from the Reserve Bank of Australia's September board meeting revealed the central bank was ready to lift the cash rate.

CMC Markets analyst Rob Mulcahy said traders were hesitant to "engage with risk."

"The Aussie dollar remains at elevated levels which indicate the underlying risk thematic in the market has not changed."

"Traders were quick to take profits upon the market open and are now keen to stick to the sidelines and await further guidance overnight," he said.

The local unit is expected to remain flat ahead of the Federal Open Market Committee (FOMC) meeting in the US during the upcoming offshore session.

Mr Mulcahy predicts a volatile overnight session ahead of the release of US housing starts data, building permits and consumer confidence figures.

"They are all important reads and have the potential to shift risk appetite," he said.

"Given the data due out and the FOMC meeting, there's the potential for the market to be quite choppy over the next 48 hours."