The Aussie buck is enjoying a five month high ride as it began trading today at $US 93.57 cents. The value is up from Monday's close of $US 93.19.

The local unit traded between $US0.9320 and $US0.9362. Based on IRESS data, it last traded above $US0.9362 on April 15, 2010. It is also within the forecast value for September which is $US 91.50 cents.

The Aussie unit is worth $AU 1.04 against the Canadian dollar, $AU 1.65 against the British pound, and $AU 1.37 against the Euro. It is equivalent to $AU 01.27 cents against the Japanese Yen and $AU 15.86 cents against the Chinese Yuan.

Trading will continue in tight ranges for the currencies through the week ahead. Commonwealth Bank vice president of institutional banking Tim Kelleher said if the Australian dollar “goes up it's going to be a very slow grind.”

According to Kelleher, the local unit will be struggling to edge much higher in domestic trade. The National Australia Bank (ASX: NAB) will be releasing it monthly business survey for August, while Harvard University Business School Professor Robert Kaplan will be addressing the Committee for Economic Development of Australia.

Virgin Blue's chief executive John Borghetti will also speak at a Financial Services Council luncheon in Sydney.