An upbeat sentiment in the domestic and global markets will once again give the Aussie dollar and the New Zealand Kiwi reasons to hit a new higher note today.

Reports that local consumer confidence and a least expected jump in machinery orders in Japan will give a fresh momentum to Australia's and New Zealand's currencies.

Markets now consider the Australian dollar as one of the highest yielding assets and parity with the US dollar is now even more possible, according to the latest note to clients by the National Australia Bank's currency strategy department.

"The top end of our short-term model's fair-value range for the AUD/USD has risen to 1.0 for the first time since May 2008," wrote wrote John Kyriakopoulos, head of currency strategy of NAB.

Australia's currency rose 0.6 percent to 99.25 U.S. cents as of 11:08 a.m. in New York, from 98.63 cents yesterday, after reaching a record 99.29 U.S. cents. With regards to the yen, the Aussie posted a 0.7 percent gain to 81.14 yen from 80.59.

New Zealand's dollar moved 1 percent to 76.27 U.S. cents, from 75.52. It advanced 1.1 percent to 62.36 yen, from 61.71 yen.

Consumer sentiment

The positive sentiment of Australian consumers at 3.3 percent to 117 this month, after a 5 percent drop in September will still have a lingering effect to the market today, analysts said.

Another worthy development is on Australia's trading partner Japan as its Cabinet Office report yesterday revealed an unexpected growth in machine orders for the second consecutive month in August by 10.1 percent.