The Australian dollar has fallen as the improving US economic outlook offset its brief post-Brexit rally.

At 0700 AEST on Wednesday, the local unit was trading at 73.84 US cents, down from 74.01 cents on Tuesday.

Westpac chief market strategist Imre Speizer said a lull in Brexit-inspired turmoil saw global equities, commodities, core interest rates and rebound overnight.

However, an subsequent upwards revision of the US March quarter gross domestic product estimate had pushed the greenback higher, weighing on the Aussie and other risk currencies.

“The Australian dollar initially pushed higher to 74.15 US cents, but then slipped back,” Speizer added.

The main risk events for the currency on Wednesday include Chinese consumer sentiment data for June and US income and consumption figures for May.

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