Good news for Aussies and bad news for people in the US thinking of coming to Australia:

THE dollar hit another 23-year high in overnight trade, briefly reaching 90.61 US cents at 2.57am AEST.

The dollar peaked at 90.61 US cents during the New York session, clearly breaching the high of 90.50 US cents set on June 12, 1984.

The highest New York close since the dollar was floated on December 8, 1983, was 96.68 US cents on March 14, 1984.

The local currency traded above 90.5 US cents for lengthy periods during the overnight session. It has since lost some steam, but it remains above the US 90 cents level.

At 6.34am, the dollar was at 90.07 US cents. [AAP]