Australian dollar hovers during quiet trade overnight

The Australian dollar is hovering below 93 US cents following a quiet trading session overnight.

At 0700 AEST on Tuesday, the local currency was trading at 92.63 US cents, down from 92.68 cents on Monday.

The Australian dollar has stabilised following dramatic moves last week when the currency fell to two-month lows on the back of weaker-than-expected data and economic growth forecasts from the central bank.

And it's likely to remain quiet for the currency in the days ahead with no major data being released, National Australia Bank senior FX strategist Emma Lawson said.

"(It was) a quiet night, where many are struggling to see a theme, catalyst or news flow of interest," Ms Lawson said.

On Tuesday, the market would pay attention to the NAB monthly business survey, although geopolitics would continue to be the main focus, Ms Lawson said.

"The over-riding direction in most markets, given the secondary nature of today's data, is likely to remain geopolitics," Ms Lawson said.

"With differing levels of intensity and de-escalation in Iraq, Russia, Ukraine, Gaza, Israel, even Turkey, it can be difficult to track which exact source of tension or easing of tension is the most important on the day."

AAP