THE dollar was slightly higher at noon, trading near a two year high, after the Reserve Bank gave another sign that it is ready to lift the cash rate.
At 12pm AEST today, the local unit was trading at 94.59 US cents, slightly up from yesterday's close of 94.55 cents. Overnight, the currency reached 94.94 cents, the highest since August 2008.
Since 7am AEST today, the local currency has traded between 94.49 US cents and 94.80 cents.
Commonwealth Bank currency strategist Joseph Capurso said the dollar rose one tenth of a US cent this morning after minutes from the Reserve Bank of Australia (RBA) September meeting showed the central bank was ready to lift the cash rate.
The central bank is ready to lift the overnight cash rate if Australia's economic strength continues to point to higher inflation, the minutes of its September board meeting show.
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