The Australian dollar is steady after a quiet night of trade on currency markets.

At 0700 AEST on Wednesday, the local currency was trading at 92.59 US cents, unchanged from the close of local trade on Tuesday.

Bank of New Zealand strategist Kymberly Martin said the Australian dollar fell slightly overnight, hitting 92.35 US cents against a stronger greenback, before drifting back to the 92.50 cent level, where it has spent much of the week.

It’s been a quiet week for the Australian dollar with the US and UK marking public holidays on Monday, and little economic news or data to drive the currency.

“It’s been another unexciting, uneventful night,” Martin said.

“The European and US markets came back after their holiday on Monday and the broad theme was US dollar strength, with the greenback stronger against most of its peers.

“There’s the potential for a bit more activity today, we have construction data coming out of Australia and that is something the market looks at relatively closely.”

The Australian Bureau of Statistics will release figures for construction work done in the March quarter.

AAP