The Australian dollar has fallen after the US central bank hinted it might end its stimulus program earlier than expected.

At 07:00 AEDT, the local unit was trading at $US1.0477, down from $US1.0484 yesterday afternoon.

The minutes of the US Federal Reserve's December policy meeting showed some of the members felt the Fed's bond buying program, called quantitative easing (QE), should be slowed or stopped altogether before the end of 2013. 

Bank of New Zealand currency strategist Mike Jones said the Federal Open Markets Committee minutes caused a rally in the US dollar.

"Quite a few of the FOMC are calling for an end to the Fed's QE policies," he said from Wellington.

"That's in contrast to market expectations of it ending around 2014 or 2015.

"The minutes have encouraged a broad move in the US dollar which has taken some of the gloss off the Aussie dollar and pushed it back below $US1.05."

Last night, the Australian dollar peaked at 91.75, yen, its highest level against the Japanese currency since 2008.

"Yen weakness continues in the new year as the new government in Japan continues to talk tough against the yen's high value," Mr Jones said. "That's probably a trend that will continue."

Mr Jones said the market is now awaiting the release of the US non-farm payrolls report for December -- a key indicator of US employment -- due out tonight (AEDT).