The Australian dollar is still down around a seven-month low against the US dollar amid concerns over Chinese growth, but it’s slowly making a comeback.

The local currency was trading at 71.85 US cents at 0630 AEDT on Wednesday, down from 72.07 US cents on Friday.

Chinese President Xi Jinping indicated on Friday that he wasn’t wedded to the 6.5 per cent economic growth target amid concerns about rising debt and an uncertain global environment after Donald Trump’s election win in the US.

However, FXStreet analyst Valeria Bednarik noted the Aussie is now above the 71.75 US cent low point it hit on Friday morning thanks to firmer gold, commodity and oil prices.

Meanwhile the Australian share market is set to open flat on Wednesday after a three-day holiday break.

At 0700 AEDT on Wednesday, the local SPI 200 futures contract was unchanged at 5,599 points.

In local economic news, the calendar is clear.

The local share market fell last Friday as investors sold shares in miners, retailers and financials ahead of the Christmas holiday break, bringing an end to a four day winning streak.

The benchmark S&P/ASX 200 index dropped 16 points, or 0.28 per cent, to 5,627.9 points, while the broader All Ordinaries index fell 16.7 points, or 0.29 per cent, to 5,675.1 points.