AAP
The Australian dollar is slightly higher after China and the United States both reported improvements to their international trade balances.
At 0700 AEDT, the local unit was trading at 103.18 US cents, up from 102.98 cents.
Official figures last week showed that the US trade deficit shrank in December to its lowest level since January 2010 and China's trade surplus rose 7.7 per cent in the 12 months to January.
HiFX senior trader Stuart Ive said the figures were a sign that the two largest national economies were improving.
"We saw some good figures out of China, on their trade balance. We also saw some good figures out of the US as well," he said.
"So, that added some support for the Australian dollar just from a global growth story."
Mr Ive said a key event for markets this week would be the Bank of Japan meeting.
He said the Japanese central bank might signal an end to its bond-buying program, which was designed to stimulate the economy and weaken the yen.
"There were some comments from the Japanese finance minister saying they didn't expect the yen to lose value to the US dollar as quickly as it has done," Mr Ive said.
"So, maybe there will be some backtracking on the stance where they are trying to weaken their currency to improve their exports."
Mr Ive said he expected the Australian dollar to trade in a range between 103.00 US cents and 103.30 cents today.