The Australian dollar has hit a fresh all-time high against the European currency, fuelled by a disparity between the two economies and monetary policy.
At 1316 AEST, the Australian dollar reached 0.8456 euro cents, its highest point since the European currency began trading.
Ozforex senior foreign exchange manager Jim Vrondas said the strength of the Australian economy compared to that of Europe was an important backdrop for the cross rate's high trend.
"If you look at the two economies - Australia and Europe as a whole, there's a good argument for this cross rate to be as strong as it is now," he said.
"But that's something that's been the case for a while now.
"What we've seen recently which is giving this cross rate a leg up is the resistance to interest rate cuts here."
The Reserve Bank elected to keep the cash rate steady at its meeting on July 3, and Mr Vrondas believes this may have influenced both bond and currency market trends.
"The bond yield advantage that the Aussie has held in Europe has firmed and widened recently," he said.
"This is because the RBA is on hold now, and the ECB (European Central Bank) cut rates recently - so that's another reason why the cross rate is well supported.
"The other reason is an investor move into the Aussie dollar and the Australian bond market as well."
The trend would be likely to continue unless there was some more optimistic news from the euro zone, Mr Vrondas said.
"We'd need to see the euro rally against other major currencies for this cross rate to abate," he said.
"For the time being we expect it will remain around current levels, and perhaps go higher."
