THE Australian dollar has fallen to a fresh two-month low during overnight trade, before recovering most of its lost ground amid gains on US share markets.
The currency fell to 101.55 US cents early on Wednesday morning as traders in Europe and the US reacted to the Reserve Bank of Australia cutting its key interest rate to a record low of 2.75 per cent.
But HiFX senior trader Stuart Ive said the currency rebounded as US stocks pushed higher, with the Dow Jones Industrial Average closing above 15,000 points for the first time and the S&P 500 reaching a fresh all-time high.
"We saw a rebound, although it was really only a small one," he said. "That was brought about, really, because of the Dow and S&P 500 starting to hit new highs again."
At 7am AEST today, the Australian dollar was trading at 101.88 US cents, down from 101.90 US cents yesterday afternoon.
Mr Ive said the key driver for the Australian dollar today would be the release of Chinese trade balance figures.
He said the currency was likely to trade in a range of between 101.50 US cents and 102.34 US cents.
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