The Australian dollar is higher but remains below 94 US cents after a quiet overseas trade.

At 0700 AEST on Monday, the local unit was trading at 93.74 US cents, up from 93.48 cents on Friday.

There was little to drive currency markets during the offshore session on Friday night, Brown Brothers Harriman global head of currency strategy Marc Chandler said.

“Relatively narrow trading ranges were seen for the Australian dollar as a consolidative phase tightened its grip,” he said.

“The 94 US cents mark remains the key barrier to the upside, but the enthusiasm for the downside has waned.”

Chandler said there is a belief that the Australian dollar might be in for a big fall after rallying more than six US cents since the end of January.

“If this is view is accurate, the Australian dollar should begin to trade more heavily in the day ahead,” he said.

“A break of the 20-day moving average near 93.20 US cents would offer confirmation.”

The Australian Bureau of Statistics will release merchandise import data for April on Monday, and on Tuesday the Reserve Bank of Australian releases the minutes of its May board meeting.

AAP