The Australian dollar has rebounded back above 78 US cents as the greenback lost its edge overnight.

At 0700 AEDT on Tuesday, the local currency was trading at 78.12 US cents, up from 77.77 cents on Monday.

The Australian dollar managed to push higher overnight despite a fall in iron ore prices and weakness across share markets.

National Australia Bank senior economist, David de Garis, said the Aussie was boosted by a weaker US dollar.

“In currency markets, the US dollar has eased back somewhat,” de Garis said.

“The Australian dollar has traded in a 60 point band overnight, trading at over 78 US cents this morning, in a session that has been a somewhat soggy one for the US dollar.”

Coming up on Tuesday, National Australia Bank will release its monthly business survey while the Australian Bureau of Statistics will release quarterly property price data.

AAP