The Australian dollar has fallen from its seven week highs, and is moving little as the market watches US election results.
At 1200 AEDT on Wednesday, the local unit was trading at 104.19 US cents, down from 104.27 cents on Tuesday.
It rose as high as 104.44 US cents at 0639 AEDT on Wednesday, after the Reserve Bank of Australia (RBA) kept the cash rate on hold at 3.25 per cent the previous day.
National Australia Bank (NAB) co-head of foreign exchange Ray Attrill said the dollar had fallen somewhat since Wednesday morning, as the market waited for news from the US presidential election.
"We started off strongly, and we've just come off a little bit," he said.
"There are very low volumes in the market, as we follow the US election, and there's no inclination to trade right now."
Mr Attrill said there was reason to believe the currency could reach 105 US cents by the end of the week, as long as global factors remained benign.
"In the light of the RBA decision yesterday, we think it's unlikely that we'll get another rate cut until February," he said.
"That means there's room for an extension in Aussie dollar gains in the short term.
"That's unless we get a risk-negative response to the US political situation, or if something goes horribly wrong in Greece - those are the big risk events."
However, he said domestic jobs data on Thursday would also be closely watched.
Meanwhile, Australian bond prices were lower at noon.
At 1200 AEDT on Wednesday, the December 10-year bond futures contract was trading at 96.855 (implying a yield of 3.145 per cent), down from 96.900 (3.100 per cent) on Tuesday.
The December three-year bond futures contract was at 97.310 (2.690 per cent), down from 97.340 (2.660 per cent).
