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January 30 2013, 06:51AM

The Australian dollar is higher following a solid night on global stock markets.

At 0630 AEDT on Wednesday, the currency was trading at 104.63 US cents, up from 104.52 US cents on Tuesday afternoon.

The Australian dollar gained ground during Tuesday's local session after the National Australia Bank's monthly business survey showed an unexpected rise in business confidence in December.

The rally continued into the US and European sessions on Tuesday night, supported by gains on stock markets.

London's FTSE 100 finished 0.71 per cent higher while Germany's DAX 30 ended the session 0.20 per cent higher.

At 0630 AEDT New York's Dow Jones Industrial Average was trading 0.53 per cent higher while the S&P 500 was up 0.47 per cent.