The Australian dollar has fallen as the US dollar rises with equities and oil prices.

At 7 a.m. on Wednesday, the local unit was trading at 71.00 US cents, down from 71.48 cents on Tuesday.

The currency rose to 71.82 US cents earlier in the session.

Westpac senior market strategist Imre Speizer says corrections in equity markets and brent crude oil prices have attracted investors to the greenback.

“The recent optimism in equity markets and towards the US dollar continued,” Speizer said in a note.

“The AUD and NZD (and most other major currencies) fell against the USD overnight.”

Speizer said the main local risk events on Wednesday would be the release of latest Westpac/Melbourne Institute Leading Index of economic activity.

On Wednesday night AEDT data on the US producer price index, industrial production and housing starts is also due out.

Want more Inside Retail? Subscribe to Inside Retail Weekly now and get our premium print publication delivered to your door every week.