The Australian dollar is lower

At 7.02am on Friday, the local unit was trading at 76.43 US cents, down from 76.58 US cents on Thursday.

Westpac senior market strategist Imre Speizer says the Aussie had continued its multi-day rally overnight, hitting a high of 76.75 before retracting back.

However, he says the local currency is still around a two-week high and set to rise against the greenback after the US Federal Reserve left interest rates on hold earlier in the week.

“The Fed did the US dollar no favours, which gives the Australian dollar a green light to test the 77 US cents area,” he said in a note.

Mr Speizer said there were no major local or international risk events for the Aussie on Friday, but internationally the European and US purchasing managers indexes and the speech by president of the US Federal Reserve Bank of Dallas Robert Kaplan were due.