The Australian dollar has regained some of last week’s losses amid light trading volumes as the US celebrated the Independence Day holiday.

At 0700 AEST on Monday, the local currency was trading at 93.65 US cents, up from 93.53 cents on Friday.

The currency took a dive last week after Reserve Bank governor Glenn Stevens said it was overvalued, and US jobs data came in much stronger than expected.

The Australian dollar managed to regain some of those losses amid light trading volumes over the weekend, with US markets closed for the Independence Day public holiday on July 4, said National Australia Bank global co-head of FX strategy Ray Attrill.

“Markets predictably went out quietly on Friday given the US Independence Day holiday and in the wake of Thursday’s Glenn Stevens and US payrolls inspired fireworks,” Attrill said.

The market would now be awaiting Australian labour force figures on Thursday and the US Federal Reserve meeting minutes, Attrill said.

AAP