Aussie dollar hits new high

The Australian dollar has scaled new heights overnight, and is now closing in on 90 US cents.

Overnight, the aussie peaked at 89.50 US cents, the strongest it has been since February 1989 after a surge of 17 per cent in the past month and a half.

Australian currency strategists say global investors are increasingly comfortable with taking on risk again after the recent credit market shake-out.