In late afternoon trading the currency was changing hands at $US1.0714, up from $US1.0612 previously and not far from its intra-day high of $US1.0757.

The Australian Bureau of Statistics released international trade figures for December which showed a rise in the surplus to $1.709 billion, reports The Australian Financial Review.

Total exports rose 2 per cent to $27.7 billion, the second highest level on record, while imports were also up, by 1 per cent.

Commonwealth Bank currency strategist Joseph Capurso said the Australian dollar had gained ground after the stronger than expected trade figures.

"It's quite unusual that the trade figures would move the Aussie dollar, but that seems to be what started to push it up," he said.

"Our exports were up and that was seen as a good sign."

Mr Capurso said the main focus for markets would be the release of US non-farm payrolls data for January, due out on Friday night, the key measure of employment growth.

The Australian dollar hit a peak of $US1.1081 on July 27, 2011, its highest level since the fixed exchange rate era ended in December 1983.