The Australian dollar is higher against a steady US counterpart.

At 0635 AEDT on Wednesday, the Australian dollar was worth 77.28 US cents, up from 77.14 US cents on Friday.

The US dollar was little changed against a basket of currencies on Tuesday as traders brushed off encouraging Japanese inflation data and Bank of Japan minutes that signalled policy-makers favoured sticking to a loose monetary policy.

Currency trading volume was light as London and many major financial centres remained closed after the Christmas holiday.

“The market is going to be quiet for the balance of the week,” Reuters quoted Jason Leinwand, chief executive officer of FirstLine FX Currency Strategy in Randolph, New Jersey, as saying.

The greenback is expected to be supported into early 2018 in the aftermath of the biggest overhaul of the US tax code in 30 years which became law last week.

The Aussie dollar is steady against both the yen and the euro.