The Australian dollar was slightly higher, despite weakness in global stock markets and disappointing German economic growth figures.

At 6.30am AEDT the currency was trading at 105.52 US cents, up from 105.48 US cents at yesterday’s local close.

The currency dipped as low as 105.22 US cents overnight but gained ground in the early hours today.

Official figures released overnight showed German gross domestic product (GDP) shrank by about 0.5 per cent in the fourth quarter of 2012, bringing full-year growth to just 0.7 per cent.

The weak growth figures contributed to a negative mood on stock markets, with Germany's DAX 30 finishing 0.69 per cent lower and New York's S&P 500 down 0.19 per cent at 6.30am AEDT.