The Australian dollar is slightly higher after a quiet day of trade.
At 5pm today, the local unit was buying 91.71 US cents, up from 91.52 cents yesterday.
Bond markets gained strength after Detroit became the largest city in US history to file for bankruptcy, following decades of decline in the rundown heartland of American car manufacturing.
But Commonwealth Bank chief currency strategist Richard Grace said the Australian dollar, which is often tied to risk sentiment, appeared to be unfazed as credit ratings agency Moody's upgraded its outlook for the US from negative to stable.
"That would have offset an issue about Detroit. I don't think it's had a big impact at all," he said.
The Australian dollar reached an intraday high of 91.96 US cents in early afternoon trade.
The currency had earlier dropped against a resurgent greenback, following stronger than expected manufacturing data and a 24,000 drop in weekly jobless claims.
But Mr Grace said there was no one factor which helped the Australian dollar recover.
"It's been very, very quiet," he said.
"It's hard to pull out any particular catalyst for a direction. It really is."
